Economic Policy Dialogue 2023

Decades of Economic Cooperation and Success: UAE-US Economic Policy Dialogue

November 2, 2023

By, Jawaher Almheiri – Head of Economic Affairs, UAE Trade Office, UAE Embassy in Washington, D.C.

Reflecting on the recent UAE-US Economic Policy Dialogue (EPD), it is remarkable to see the significant economic ties between our nations.

The United States stands among our most important relationships and remains the UAE’s preferred destination for trade, capital and investment. Since 2009, the UAE has been the largest export market for the United States in the Middle East.

Today, bilateral trade stands at almost $30 billion, more than double what it was 15 years ago. These milestones capture the essence of the EPD – a commitment to enhance bilateral trade, investment, and economic prosperity, reflecting the deep-rooted relationship and our desire to do more with our strategic partners.

And this year’s EPD was no different. Co-chaired by Undersecretary for Economic Growth, Energy and Environment, Jose Fernandez and H.E. Saeed Al Hajeri, Assistant Minister for Economic and Trade Affairs at the UAE Ministry of Foreign Affairs, the robust and close economic relationship between the UAE and the United States was reaffirmed.

Both sides emphasized the importance of maintaining close and constructive cooperation, recognizing the dialogue as a key platform to address critical issues and further strengthen our relationship.

A recurring theme throughout was the significance of climate change, particularly in the context of the upcoming COP28 conference in Dubai. We agreed on the critical importance of climate action and its relevance across all aspects of our society. This shared commitment to environmental sustainability underpins our joint efforts to combat climate change.

The dialogue also covered a wide range of topics, reflecting the depth of the economic and trade relationship between the UAE and the United States. These discussions highlighted our joint commitment to catalyze and mobilize investment in PACE, AIM4 Climate, the Mangrove Alliance for Climate, strengthening our multilateral relationships through initiatives including I2U2, The India Middle East-Europe Economic Corridor (IMEC) as well progressing aerospace cooperation, women’s economic empowerment and the digital economy.

US Secretary of Commerce, Gina Raimondo’s recent visit to the UAE also underscored the importance of our economic relationship. Here in Washington D.C., the EPD echoed the Secretary’s sentiment on deepening cooperation, particularly in the fields of the economy, investment, and overcoming trade barriers.

During the dialogue, both parties acknowledged the need to enhance partnerships in critical areas such as Artificial Intelligence and technology, recognizing the transformational power of innovation in driving economic growth. We will continue to find ways to increase cooperation and investment, ensuring that the UAE and the United States continue to prosper together.

The 10th UAE-US EPD reflects more than just a decade of successful cooperation; it is an illustration of how far our nations have come over 50 years. As we continue to deepen economic ties, we look forward to addressing global challenges, advancing technological and scientific research, and creating a future built on collaboration and shared values.

The Economic Policy Dialogue will continue to remain critical to our shared growth and serves as a testament to the enduring partnership between the UAE and the United States.