Ministry of Economy and US Department of Commerce express intent in forging stronger bilateral ties

May 13, 2014 12:40 pm

His Excellency Juma Mohammed Al Kait, UAE Assistant Undersecretary for Foreign Trade, UAE Ministry of Economy, received and held talks with a high ranking delegation from the US Department of Commerce headed by Deputy General Counsel His Excellency Justin Antonipillai.

Held at the Ministry of Economy’s offices in Abu Dhabi, the meeting was attended by 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 Ministry of Economy. The discussions focused on the growing bilateral relations between the UAE and US, and highlighted the growth opportunities available in the two countries.

Commending the strong foundations that the UAE-US relations have been built upon, His Excellency Juma Mohammed Al Kait, noted, “The volume of bilateral trade between the two countries exceeded $25bn in 2013, making the US the fourth largest trading partner of the UAE. Reiterating the emerging opportunities available in various economic sectors and areas of investment, he particularly applauded the constructive cooperation forged by the UAE Ministry of Economy and the US Commerce Department in areas of shared interest.”

The US delegation briefed the UAE Ministry officials on the functions of the Commercial Law Development Program at the US Department of Commerce and the assistance provided to trading partners towards the preparation and drafting of trade legislations.

His Excellency Juma Al Kait on his part highlighted the UAE’s federal commercial and economic laws. He also led the US delegation through the new laws that are in the process of being formulated with a view to developing a robust and enabling trade and business environment in the country.

Al Kait particularly underscored the importance of developing legislation that supports the contribution of small and medium enterprises (SMEs) to the national economy. Emphasizing the importance of UAE-US cooperation in the SME sector, he pointed out that the UAE has witnessed the burgeoning of young Emirati entrepreneurs who have followed their creative and innovative instincts to earn early business success. Al Kait said that the ministry’s keenness to support the sector is evidenced by the recently introduced federal law that provides the much needed incentive to owners of small and medium enterprises.

In this regard, Dr Adeeb Al Afifi noted the role played by the Abu Dhabi Department of Economic Development in supporting the growth of small and medium enterprises. He added that specialized programs are offered in collaboration with universities with the aim of promoting innovation and creativity in the country. The visiting US delegation expressed favorable intent towards establishing further cooperation in the SME sector through sharing the American experience as well as any benefit that may accrue from the Commercial Law Development Program.

The meeting concluded with the two parties noting the importance of developing economic and trade cooperation through joint economic forums at the bilateral level as well as at the GCC level. Both sides also noted that the exchange of delegation visits and trade missions would further boost the synergy shared by the two countries.