Abu Dhabi, UAE— The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record.
The discussion on the boosting of ties came up in a meeting between Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and Gina Raimondo, United States Secretary of Commerce, in Abu Dhabi, as the two nations continue to advance bilateral trade and investment ties.
The meeting comes on the back of growing non-oil trade between the two nations, which reached US$21.63 billion in the first half of 2023, reflecting growth of 37% on H1 2022. In the same period, UAE non-oil exports to the US reached US$2.3 billion, while imports from the US totaled US$12.8 billion, up 28%. Re-exports climbed 62% over H1 2022 to reach US$6.5 billion in the first half of 2023.
In light of the upcoming United Nations Climate Conference (COP28) in Dubai, which will feature discussions dedicated to global trade for the first time, the meeting touched on ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record. In November 2022, the two nations signed the Partnership for Accelerating Clean Energy, a US$100 billion investment program that will generate 100 gigawatts of clean energy by 2035.
Al Zeyoudi said: “The US is a long-standing trade and investment partner for the UAE – and remains a key ally in advancing socioeconomic progress through global trade and economic cooperation. More recently, we have been working in unison to develop clean energy solutions, which is a critical component of not only our energy transition agenda but our commitment to the energy needs of emerging economies across Asia, Africa and the Middle East. I look forward to working closely with Ms Raimondo to continue this growth trajectory, and to continue to pursue policies that promote the seamless flow of goods, services and capital needed to secure a sustainable future for generations to come.”
During the meeting, both sides also reinforced the importance of building mutual consensus on issues impacting global trade, such as market distorting subsidies and their impact on the developing world, ahead of the World Trade Organisation’s 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024.