The UAE and the U.S. recently signed an agreement on the sidelines of President His Highness Sheikh Mohamed bin Zayedโs official visit to the U.S. The agreement aims to enhance cooperation between the two countries in customs matters. Moreover, 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.
On behalf of the UAE, Ali Mohammed Al Shamsi, chairman of the Federal Authority for Identity, Citizenship, Customs and Port Security, signed the agreement with Troy A Miller, acting commissioner of U.S. Customs and Border Protection.
Greater trade exchange, customs cooperation
Commenting on the agreement, Al Shamsi said that the deal will strengthen the economic partnership between the UAE and the U.S. It will also increase trade exchange and reduce customs violations and illicit trade. In addition, it will expand technical customs cooperation through the exchange of information and expertise.
In addition, it will raise the level of national competencies through training and exposure to best practices in customs.
“Bilateral trade between the two nations continues to grow steadily, fuelled by the depth of our political and economic ties. This growth brings numerous benefits, with a clear focus on strengthening customs relations, expanding the scope of trade, and leveraging best practices to overcome challenges that could hinder the smooth flow of goods along shared supply lines,” added Al Shamsi.
This agreement reiterates the UAE’s position as a regional gateway for global trade with significant importance to the U.S. as a historical and strategic economic partner for the UAE.
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UAE, U.S. trade ties
The official visit of the UAE president to the U.S marked a pivotal milestone in the history of bilateral relations between the two nations, which commenced over 50 years ago. The strong economic ties between the two nations are evident in their non-oil foreign trade, which surged to $39.5 billion in 2023 from $23.8 billion in 2022.
In 2023, UAE imports from America reached $25.9 billion, up from $21.3 billion in 2022. Meanwhile, UAE exports to the U.S. increased from $3.2 billion in 2022 to $3.9 billion in 2023. Additionally, UAE re-exports to the U.S. rose to $9.6 billion in 2023, compared to $8.2 billion the previous year.
Between 2018 and 2023, UAE investments in the U.S. totaled $3.7 billion. Meanwhile, U.S. investments in the UAE amounted to $9.5 billion. Key sectors for UAE investment in the U.S. include renewable energy, telecommunications, energy, real estate, software services, and information technology.
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