UAE, US non-oil trade stood at $24bn in 2014

The UAE Ministry of Economy (MoE) and the National U.S.-Arab Chamber of Commerce have discussed ways to enhance trade and investment cooperation.

This came during a meeting between Juma Mohammed Al Kit, Assistant Under-Secretary of the Ministry of Economy for Foreign Trade and Amin G. Salam, Vice President of International Business Development at the National U.S. Arab Chamber of Commerce in the presence of a number of senior officials.

The discussions tackled ways to boost cooperation in organising conferences and trade conventions, exchanging studies and promoting international events organised by the ministry through the National U.S. Arab Chamber of Commerce, like the Annual Investment Meeting (AIM) and the Global Trade Development Week.

The two sides also discussed areas of cooperation with regard to Small and medium-sized companies as the chamber hosts more than 25,000 companies of its members.

Al Kit underscored the important role played by the National U.S. Arab Chamber of Commerce to bolster trade and investment ties between the US and the Arab world which have witnessed a notable development in the past period. He also pointed out the importance of utilising cooperation mechanisms between the Ministry of Economy and the Chamber to provide services to the business sector in the UAE and the USA as the US is the third-largest trade partner of the UAE with non-oil trade exchange amounted to more than US$ 24 billion in 2014.

He also reviewed the most important economic development witnessed by the UAE as well as the government's efforts exerted to enhance the country's economic stature regionally and internationally.

On his part, Salam thanked the Ministry of Economy for its efforts to support cooperation with all international trade institutions. He also praised the vital role played by the trade office at the UAE Embassy in Washington to boost bilateral trade and investment ties, especially with private sector institutions such as the National U.S. Arab Chamber of Commerce.

The UAE is one of the most important markets for the US in the Middle East and North Africa, where more than 1000 US companies are operating in the UAE in various fields.

At the end of the meeting, the two sides expressed their desire to enhance cooperation and communication in various other fields to serve private sector in the UAE and the USA.