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Sun 21 Jun 2020 01:45 PM

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US reveals $15.6bn trade surplus with UAE

Both countries have committed to increasing bilateral trade relations

US reveals $15.6bn trade surplus with UAE

Yousef Al Otaiba, UAE ambassador to the US.

The United States recorded a $15.6 billion trade surplus with the UAE in 2019 – its third largest in the world.

The figures were revealed as the two countries held their seventh Economic Policy Dialogue via a video conference call, with a vow to expand relations and pursue new economic, trade, investment and commercial opportunities.

UAE trade and investment supports more than 116,000 American jobs, while it represented the United States’ largest export market in the Middle East and North Africa for the 11th consecutive year, with non-oil trade between the two countries continuing to consistently increase.

During the meeting, the UAE raised concerns about steel and aluminium tariffs imposed by US President Donald Trump’s administration – a 25 percent tariff on steel and 10 percent addition on aluminium imports was implemented in 2018.

The US imports an estimated 26,000 tonnes of steel from UAE-based Emirates Steel annually.

Both sides have also agreed to explore new potential areas for cooperation in a range of sectors, including food security, health security and healthcare research, space, customs matters, emerging technologies, and women’s economic empowerment in line with the United States’ Women’s Global Development and Prosperity Initiative.

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