While the Israeli Hamas war rages on with cries for a cease fire amidst the possibility of the war expanding, coupled with heightened angry demonstrations globally, and now, South American countries like Bolivia, Chile, and Colombia condemning Israel for attacking Gaza, the United Arab Emirates (UAE) and the U.S. hosted a trade summit on the 10th anniversary of their Economic Policy Dialogue.
The summit was co-chaired by U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez and UAE Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs H.E. Saeed Al Hajeri.
The two countries complimented each other for their bilateral trade and investment.
The UAE is the largest U.S. trade partner in the MENA region having purchased more than $20 billion in U.S. exports in 2022 alone.
Direct trade relations have reached all 50 U.S. states and all seven Emirates resulting in more than 137,000 jobs in 2022.
Assistant Minister Al Hajeri stressed that by 2022 the total stock of FDI from the UAE to the United States had surpassed $38 billion and supported American jobs in aviation and semiconductors.
“More than 1,500 U.S. companies now have a presence in the UAE,” said Under Secretary Fernandez.
Those jobs range from heavy construction to energy and retail.
Both parties highlighted climate change, noting the upcoming 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP 28) in the UAE.
The U.S. government encouraged the UAE to sign the Joint Statement on Cooperation on Global Supply Chains and proposed the signing of a Science and Technology Agreement between the two countries.
On the other hand, the UAE delegation encouraged the U.S. government to join the Mangrove Alliance for Climate, the bilateral cooperation on environment and climate that the UAE created with Indonesia.
The UAE is planning to host the Thirteenth Ministerial Conference of the World Trade Organization in February 2024.
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