UAE and US advance bilateral trade and investment relations

Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, has held talks with Gina Raimondo, United States Secretary of Commerce, in Abu Dhabi, as the two nations continue to advance bilateral trade and investment ties.

The meeting comes on the back of growing non-oil trade between the two nations, which reached US$21.63 billion in the first half of 2023, reflecting growth of 37% on H1 2022. In the same period, UAE non-oil exports to the US reached $2.3 billion, while imports from the US totaled $12.8 billion, up 28%.

Re-exports climbed 62% over H1 2022 to reach US$6.5 billion in the first half of 2023.In light of the upcoming United Nations Climate Conference (COP28) in Dubai, which will feature discussions dedicated to global trade for the first time, the meeting touched on ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology - areas where the UAE and US already share a successful track record. In November 2022, the two nations signed the Partnership for Accelerating Clean Energy, a US$100 billion investment programme that will generate 100 gigawatts of clean energy by 2035.

Al Zeyoudi said: “The US is a long-standing trade and investment partner for the UAE - and remains a key ally in advancing socioeconomic progress through global trade and economic cooperation. More recently, we have been working in unison to develop clean energy solutions, which is a critical component of not only our energy transition agenda but our commitment to the energy needs of emerging economies across Asia, Africa and the Middle East. I look forward to working closely with Ms Raimondo to continue this growth trajectory, and to continue to pursue policies that promote the seamless flow of goods, services and capital needed to secure a sustainable future for generations to come.”During the meeting, both sides also reinforced the importance of building mutual consensus on issues impacting global trade, such as market distorting subsidies and their impact on the developing world, ahead of the World Trade Organisation’s 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024.

In May this year, a delegation of senior officials and business leaders from the UAE, headed by Dr Thani Bin Ahmed Al Zeyoudi has visited the US state of Texas, the single-largest state exporter to the UAE, to identify new bilateral investment and collaboration opportunities for private-sector companies.

While in Texas, Al Zeyoudi held a meeting with Austin Mayor, Kirk Watson where he promoted the UAE’s streamlined business registration process, skilled workforce, and world-class infrastructure, to invite further inbound investment and trade from the state. In addition, he attended an Austin Chamber of Commerce Roundtable, where his delegation was joined by several senior state officials to explore new avenues to boost bilateral trade, especially in the IT, automotive parts, and machinery verticals.

Dr Al Zeyoudi also held a number of one-on-one meetings with leading Austin-based start-ups, which are deploying technologies such as AI, blockchain, and quantum computing to advance real estate, emergency response, logistics, utilities, and media sectors.

Al Zeyoudi emphasised the UAE’s unique innovation ecosystem during the meets and highlighted the market-access incentives provided by the NextGenFDI initiative such as rapid incorporation and licensing, bulk visa issuance, and ready access to banking facilities and real estate.

The Texas tour concluded with a site visit to Stealth Power, a provider of fleet electrification and off-grid solutions that lower carbon emissions across utility, emergency, and military fleet vehicles. Commenting on the visit, Al Zeyoudi said that the UAE is prioritising investment into sectors such as renewable energy and clean tech as they represent not only high-growth potential but provide world-changing solutions to the critical issue of climate change.

“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the battle to develop alternative sources of energy,” said Al Zeyoudi. “In November 2022, we signed the Partnership for Accelerating Clean Energy, which is mobilising $100 billion to develop 100 gigawatts of clean energy by 2035, and we remain committed to finding new avenues of cooperation to uphold our Net Zero pledge.

“It has been highly encouraging to see the innovation on display here in the US in a wide number of areas, from low-carbon transport and hospitality to smart cities, and we are keen to pursue partnerships that will further their development,” he added.

Al Zeyoudi was joined in Texas by a UAE delegation comprising Mohamed Al Musharrakh, CEO of Sharjah FDI Office; Abdulla Al Yousif Al Suwaidi, Executive Director at Economic and Energy Affairs; Saud H. Al Nowais, UAE Commercial Attaché (Counselor) for the UAE Embassy; Karim Gamal, Director and Chief of Staff, Trade Office at the UAE Embassy, and Mr. Ahmad AlSawalhi, Director of Special Projects & Outreach - Trade Office at the UAE Embassy.