Khush Choksy, the US Chamber vice president for Middle East affairs, signed a memorandum of understanding (MoU) with the Federation of UAE Chamber of Commerce and Industry, reaffirming the organisations’ joint commitment to improving trade, industrial and other ties.
Seeking to promote cooperation in trade, investment, technology transfer, services and industry between the US and UAE business communities, the MoU outlines strategic partnerships and steps each organisation will take to further their economic goals. It is effective immediately.
“The UAE is the largest export market in the Middle East for US goods and more than a thousand US businesses have a presence here,” Choksy continued. “This agreement is a commitment to further explore economic opportunities for both the US and UAE business communities. The Chamber looks forward to continuing to work with the UAE Federation of Chambers to deepen this relationship for the benefit of our members and overall economic growth.”
Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, who led a high-profile UAE business delegation to the US in 2014, said there are diverse opportunities and avenues for bolstering cooperation between the two countries.
“The US and the UAE have a strong existing economic and commercial partnership. Bilateral non-oil trade between our countries reached $26.9 billion in 2013, and the UAE continues to retain its lead among Mena-region countries as the largest export market for US goods and services,” Al Mansouri said.
In 2014, the US was the third biggest trade partner of the UAE, after China and India, with the two-way trade value hitting Dh83 billion.
International trade and investment are key components of the Chamber’s 2015 American Jobs, Growth, and Opportunity Agenda, an ambitious plan to help revitalise the American economy, create jobs, spur growth and lift incomes.
The US Chamber of Commerce is the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors and regions, as well as state and local chambers and industry associations. Its international affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The US Chamber also works closely with 117 American Chambers of Commerce abroad.