Al Mansouri, US Secretary of Commerce Discuss Ways to Step-up Trade Relations

Dubai-UAE: 24 September, 2014 – His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, and US Secretary of Commerce, Penny Pritzker, have explored ways to strengthen bilateral relations among the friendly countries in the areas of trade and investment.

His Excellency Al Mansouri offered his American counterpart an overview of the UAE’s economy and its accomplishments. The Minister said it was a matter of pride for every UAE citizen and resident that the country has managed in record time to become a competitive power on par with key developed countries, as per the global economic and development indicators issued by the United Nations, International Monetary Fund and World Economic Forum.

The UAE Minister’s remarks came at a meeting with Secretary Pritker in her office, in Washington, D.C. His Excellency Al Mansouri is presently leading a high-level trade delegation on a multi-city tour from September 20-27. The two ministers earlier met in March 2014 in the UAE when a high profile US delegation visited the country.

His Excellency Al Mansouri said: “Today the UAE is considered an ideal trading partner and destination for doing business by companies and entrepreneurs due to its enabling business environment, flexible legislations and stringent regulations that ensure security of investments for the business sector. Our policy of economic openness has helped assure foreign investors and helped strengthen the country’s position on the global economic and trade map.”

His Excellency Al Mansouri pointed out that the US is the fourth non-oil trading partner to the UAE. Volume of bilateral trade stood at US$26.9 billion (AED98.7billion) in 2013. The UAE currently hosts over 1,000 US companies, while over 60,000 US citizens reside and work in the UAE.