US and UAE see 'significant' scope to deepen economic ties

Discussions were held during the sixth US-UAE Economic Policy Dialogue in Washington this week

The US and UAE held their sixth Economic Policy Dialogue in Washington on June 20. Alamy

The UAE and US have outlined the "significant" scope to expand economic ties during a meeting in Washington, extending a historically robust trade relationship.

Discussions were held on a range of economic policy issues and co-operation in sectors including space, food security, artificial intelligence, innovation, digital economy, technology and health, the US State Department said on Monday. The talks were part of the sixth US-UAE Economic Policy Dialogue held this week.

"It was underlined that there remains significant scope for the United States and UAE to bolster their co-operation and explore new opportunities in these fields to the mutual interest of both sides," according to the US State Department.

Bilateral trade in goods between the two states reached about $25 billion (Dh91.8bn) in 2018, with almost three-quarters constituting US exports to the UAE, making it America's fourth largest trade surplus globally. The US is one of the UAE's most important global economic partners and for more than a decade, the Emirates has been the America's largest Middle East and North African trading partner.

The two sides explored areas of co-operation in line with the Women's Global Development and Prosperity (W-GDP) Initiative, a US effort to empower women globally to fulfill their economic potential.

Delegations from the two countries also discussed civil aviation, underscoring their commitment to "fully maintain" all aspects of the Open Skies policy agreement.

The US and UAE emphasised the benefits of the Economic Policy Dialogue as a platform to enhance bilateral ties, overcome trade barriers, improve regional co-operation and investment interaction.