The United States and the United Arab Emirates held their tenth Economic Policy Dialogue today.

The Dialogue was co-chaired by U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez and UAE Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs H.E. Saeed Al Hajeri.

On the occasion of the 10^th anniversary of the Economic Policy Dialogue, Under Secretary Fernandez and Assistant Minister Al Hajeri celebrated the remarkable strength of bilateral trade and investment, highlighting that the UAE is the largest U.S. trade partner in the MENA region, purchasing more than $20 billion in U.S. exports in 2022 alone.  Direct trade relations now reach all 50 U.S. states and all seven Emirates, supporting more than 137,000 jobs in 2022. Assistant Minister Al Hajeri stressed that by 2022 the total stock of FDI from the UAE to the United States surpassed $38 billion and supported American jobs in advanced industries such as aviation and semiconductors.  Under Secretary Fernandez noted that more than 1,500 U.S. companies now have a presence in the UAE, ranging from heavy construction to energy and retail.

Throughout the Dialogue, both sides highlighted the importance of climate change and its relevance to other shared goals and concerns, noting the upcoming 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP 28) in the UAE.  The two delegations confirmed the strategic vision underpinning the close and constructive economic relations between the United States and the UAE.  They also recognized the important role of the Economic Policy Dialogue in maintaining strong cooperation and constructive discussions to further advance economic relations and partnerships.

The delegations continued critical discussions on investment, health security, aerospace, women’s economic empowerment, food and energy security, digital economy, energy security, as well as joint efforts to promote an effective, inclusive and balanced energy transition globally.  Discussions also covered cooperation between the two countries in multilateral fora.

The U.S. government encouraged the UAE to sign the Joint Statement on Cooperation on Global Supply Chains and proposed the signing of a Science and Technology Agreement between the two countries.  As part of bilateral cooperation in the fields of environment and climate, the UAE delegation encouraged the U.S. government to join the Mangrove Alliance for Climate.

Reflecting ongoing efforts to overcome trade barriers and advance economic relations, Assistant Minister Al Hajeri noted the UAE will host the Thirteenth Ministerial Conference of the World Trade Organization in February 2024, further underscoring the UAE’s economic leadership on the global stage.

During the Dialogue, the U.S.-UAE Anti-Money Laundering/Countering the Financing of Terrorism Working Group met for a second time.  During the meeting, both sides highlighted successful cooperation during multiple capacity-building workshops and exchanges held over the past year.  The working group discussed new and ongoing opportunities for further cooperation on financial compliance, international sanctions, and countering illicit finance.  The working group committed to follow-up on items discussed during the Dialogue.

Source : US Department of State

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Call it a double whammy: The two-hit blow to the global energy system—dealt by the COVID-19 pandemic and Russia’s war in Ukraine—is wreaking havoc, bringing uncertainty about the future of energy security and the pace of the energy transition.

But that’s only spurred the world’s most influential energy experts and policymakers to take another look at the needs of the energy system and devise new policies, practices, and standards to fill those needs. And from January 14 to 15, many of them gathered at the Atlantic Council’s Global Energy Forum to lay out their solutions and call for urgent collaboration on improving energy security and accelerating progress toward climate goals.

Below are highlights from the event, hosted by the Global Energy Center in partnership with the United Arab Emirates Ministry of Energy and Infrastructure as part of Abu Dhabi Sustainability Week, and featuring leaders such as COP28 President-Designate Sultan Al Jaber and US Special Presidential Envoy for Climate John Kerry.

Source : Atlantic Council

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