In recent years, the UAE-US economic relationship has vastly evolved. As of 2019, the UAE remained the US’ top export destination in the MENA region for the 11th consecutive year. In addition, bilateral trade surpassed $24 billion, and the UAE became the US’ third-largest trade surplus worldwide.
To further develop the partnership, delegates from the two regions recently came together for two major events: the Economic Policy Dialogue (EPD) and the US-UAE Strategic Dialogue.
UAE-US 2020 Economic Policy Dialogue
On June 18, 2020, the UAE and the US held their seventh Economic Policy Dialogue (EPD). Since 2012, The EPD has provided a consistent platform for both governments to explore new economic, trade, investment and commercial opportunities.
In the wake of the coronavirus pandemic, the EPD was held virtually for the first time. The meeting not only underscored the mutual benefits of the partnership but discussed new areas for cooperation in sectors such as women’s economic empowerment and healthcare research. Attended by several prominent figures including Ambassador Yousef Al Otaiba, the event reiterated the UAE and the US’ commitment to economic development despite the global health crisis.
First US-UAE Strategic Dialogue
In October 2020, delegations from the UAE and US launched the inaugural US-UAE Strategic Dialogue. This initiative was led by UAE Minister of Foreign Affairs and International Cooperation, H.H. Sheikh Abdullah bin Zayed Al Nahyan and US Secretary of State, Michael R. Pompeo to strengthen the partnership in several key areas including bilateral trade.
Optimistic about the future, the event spotlighted upcoming collaborations including the US’ participation in Expo 2020 Dubai. As the first-ever World Fair in the Middle East region, the US will join over 175 countries in Dubai to showcase innovators in architecture, technology, business, the arts and more.
While the expo has been postponed until 2021, it is expected to attract up to 25 million visitors and rejuvenate the UAE’s overall economy. This is just one of many shared objectives that will drive mutual prosperity across both regions in the future.