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WASHINGTON / WAM
Sultan bin Saeed Al Mansouri, Minister of Economy, and US Commerce Secretary, Wilbur Ross, discussed ways to enhance cooperation in the economic and trade fields between the two countries.
This came during a meeting held in Washington during the official visit of Al Mansouri to take part in The Select USA Investment Summit is being held from June 20-22.
During the meeting, the two sides discussed the current level of economic and trade relations and the areas of their development during the next phase in light of the promising investment opportunities offered in the two markets as well as ways of benefiting from the cooperation and partnership agreements signed in a number of vital sectors.
They also discussed the recent procedures adopted by the US on imports of iron and aluminium, as the UAE is one of the most important exporters of aluminium to the US.
Al Mansouri emphasised the strong bilateral relations between the UAE and the US, especially on the economic and trade levels as the UAE is one of the most important markets for US exports in the region.
“Given the figures of trade exchange between the two countries, we find that they doubled during the last decade after non-oil foreign trade amounted to about $24 billion in 2017, including $4 billion UAE exports,†he said.
The minister also indicated that the UAE’s direct investments in the US market reached about $27.5 billion, representing about 12,800 jobs in the US, while the total value of UAE investments in the US is about $100 billion.
Ross stressed the importance of bilateral relations between the two countries and their keenness on enhancing frameworks of the existing partnership in the best interests of the two countries.