The agreement reaffirms the UAE’s position as a critical regional gateway for global trade for the United States.
The UAE and the US recently signed the agreement on the sidelines of President Sheikh Mohamed bin Zayed’s official visit to the US. The agreement aims to strengthen cooperation between the two countries in customs matters. In addition, it seeks to boost economic, trade and customs cooperation. The agreement will also enhance the exchange of customs expertise and information between the two countries.
Representing the UAE, Chairman of the Federal Authority for Status, Citizenship, Customs and Port Security Ali Mohammed Al Shamsi signed the agreement with Acting Commissioner of US Customs and Border Protection Troy A. Miller.
Expanding trade exchanges and customs cooperation
Commenting on the agreement, Al Shamsi said it will strengthen economic ties between the UAE and the US, increase trade exchanges, reduce customs violations and illegal trade, and expand technical customs cooperation through the exchange of information and expertise.
Additionally, it will improve national capacity levels through training and introduction of best practices in customs.
“Bilateral trade between the two countries continues to grow steadily, supported by deep political and economic ties between the two countries. This growth has brought numerous benefits, with a clear focus on strengthening customs relations, expanding trade coverage and leveraging best practices to overcome challenges that can hinder the smooth flow of goods along common supply lines,” Al Shamsi added.
The agreement reaffirms the UAE’s position as a regional gateway for global trade, of great importance to the United States, the UAE’s historic and strategic economic partner.
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UAE-US trade relations
The UAE President’s state visit to the United States marked a pivotal milestone in the history of bilateral relations between the two countries that began more than five decades ago. The strong economic ties between the two countries are reflected in their non-oil trade, which has surged from $23.8 billion in 2022 to $39.5 billion in 2023.
In 2023, the UAE’s imports from the US will reach $25.9 billion, up from $21.3 billion in 2022. Meanwhile, the UAE’s exports to the US increased to $3.9 billion in 2023, up from $3.2 billion in 2022. Additionally, the UAE’s re-exports to the US increased to $9.6 billion in 2023, up from $8.2 billion the previous year.
Between 2018 and 2023, UAE investment in the US is set to reach a total of $3.7 billion, while US investment in the UAE is set to reach $9.5 billion. Key sectors for UAE investment in the US include renewable energy, telecommunications, energy, real estate, software services and information technology.
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