UAE and US Forge Stronger Economic Partnership with New Customs Cooperation Agreement
In a groundbreaking move, the economic partnership between the UAE and the US is set to reach new heights with the introduction of a customs cooperation agreement. This innovative initiative is designed to crack down on customs violations, combat illicit trade, and foster technical collaboration between the two nations.
Formalizing the Agreement
The agreement was solidified during the visit of UAE President Sheikh Mohamed bin Zayed to the US, signifying a pivotal moment in streamlining customs operations and bolstering trade relations. Ali Al-Shamsi, chairman of the UAE Federal Authority for Identity, Citizenship, Customs, and Port Security, and Troy Miller, acting commissioner of US Customs and Border Protection, were the signatories of this crucial accord.
Enhancing Trade Opportunities
Al-Shamsi emphasized the significance of the agreement, highlighting its potential to expand trade opportunities and facilitate the exchange of customs expertise. He also mentioned the importance of enhancing national capabilities through targeted training programs to navigate challenges that may hinder the smooth flow of goods.
Robust Economic Relationship
The UAE and the US share a robust economic relationship, with bilateral non-oil trade reaching $31.4 billion in 2023, a significant increase from the previous year. US exports to the UAE saw a notable surge of 19 percent, totaling $24.8 billion, solidifying the UAE as the largest market for US goods in the Middle East.
Mutually Beneficial Trade Dynamic
The flourishing trade dynamic between the two nations has delivered substantial benefits to both economies. US exports to the UAE supported approximately 125,000 jobs in the US in 2023, while the UAE’s exports to the US amounted to around $6.6 billion, showcasing a diverse range of products such as aluminum and precious metals.
Gateway for Global Trade
Al-Shamsi reiterated that the customs cooperation agreement underscores the UAE’s pivotal role as a regional gateway for global trade. Its strategic location linking Asia, Europe, and Africa positions it as an indispensable transit hub for international trade.
Nurturing a Vibrant Trade Relationship
With the US being the world’s largest economy and a longstanding partner, the UAE’s non-oil trade strategy and investments in sectors like real estate, technology, and manufacturing reflect the mutual commitment to fostering a dynamic trade and investment relationship.