Top government officials from the UAE Ministry of Economy and the US Department of Commerce came together yesterday (Tuesday, May 13) to discuss the value of the growing trade business between the two countries and the potential for more progress.
Juma Mohammed Al Kait, assistant undersecretary for foreign trade at the UAE Ministry of Economy, along with Dr Adeeb Al Afifi, director of exports support and foreign trade at the Abu Dhabi Department of Economic Development, and Abdul Salam Al Ali, director of foreign trade policy at the UAE Ministry of Economy, attended the meeting, which was led by the US deputy general-counsel of the Department of Commerce, Justin Antonipillai.
According to Al Kait, the high volume of trade transactions between both countries amounted to $25 billion in 2013, which, in turn, makes the US the fourth largest trading partner of the UAE. In addition, he briefed the US delegation about the new trade laws that are being implemented in the nation.
Apart from highlighting the importance of creating new agreements that will allow the US to support the UAE’s small- and medium-sized enterprises, he said that the number of young Emirati entrepreneurs is now booming and the UAE Ministry of Economy is eager to support them through any means possible.
Dr Al Afifi, meanwhile, added that the Abu Dhabi Department of Economic Development is investing in SMEs through unique programmes offered through various universities. These programmes were created with the intention of promoting innovation and creativity among the youth.
In turn, the US delegation introduced its new commercial law and development programme, which was created by the US Department of Commerce. It will provide assistance to countries that enjoy healthy trade relations with the US to draft new trade legislations. The officials also expressed an interest in creating opportunities for entrepreneurs in the SME sector to share the ‘American experience’, as well as sharing any benefit that they may be acquired through programme.