Juma Mohammed Al Kait, UAE Assistant Undersecretary for Foreign Trade, UAE Ministry of Economy, received and held talks with a high-ranking delegation from the US Department of Commerce (DoC) headed by Deputy General Counsel Justin Antonipillai.
Held at the Ministry of Economy's offices in Abu Dhabi, the meeting was attended by Dr Adeeb Al Afifi, Director of Exports Support and Foreign Trade at the Abu Dhabi Department of Economic Development, and Abdul Salam Al Ali, Director of Foreign Trade Policy at the Ministry of Economy.
The discussions focused on the growing bilateral relations between the UAE and US, and highlighted the growth opportunities available in the two countries.
Commending the strong foundations that the UAE-US relations have been built upon, Juma Mohammed Al Kait noted that the volume of bilateral trade between the two countries exceeded US$25 billion in 2013, making the US the fourth largest trading partner of the UAE.
Reiterating the emerging opportunities available in various economic sectors and areas of investment, he particularly applauded the constructive cooperation forged by the UAE Ministry of Economy and the US Commerce Department in areas of shared interest.
The US delegation briefed the UAE Ministry officials on the functions of the Commercial Law Development Program at the US Department of Commerce and the assistance provided to trading partners towards the preparation and drafting of trade legislations.
Juma Al Kait on his part highlighted the UAE's federal commercial and economic laws. He also led the US delegation through the new laws that are in the process of being formulated with a view to developing a robust and enabling trade and business environment in the country.
Al Kait particularly underscored the importance of developing legislation that supports the contribution of small and medium enterprises (SMEs) to the national economy.
Emphasising the importance of UAE-US co-operation in the SME sector, he pointed out that the UAE has witnessed the burgeoning of young Emirati entrepreneurs who have followed their creative and innovative instincts to earn early business success.
Al Kait said that the ministry's keenness to support the sector is evidenced by the recently introduced federal law that provides the much needed incentive to owners of small and medium enterprises.
In this regard, Dr Adeeb Al Afifi noted the role played by the Abu Dhabi Department of Economic Development in supporting the growth of small and medium enterprises. He added that specialised programs are offered in collaboration with universities with the aim of promoting innovation and creativity in the country.
The visiting US delegation expressed favourable intent towards establishing further co-operation in the SME sector through sharing the American experience as well as any benefit that may accrue from the Commercial Law Development Programme.
The meeting concluded with the two parties noting the importance of developing economic and trade co-operation through joint economic forums at the bilateral level as well as at the GCC level. Both sides also noted that the exchange of delegation visits and trade missions would further boost the synergy shared by the two countries.
Meanwhile the Ministry of Economy announced that it will participate in the UAE-Serbia Business Forum, which the Serbian capital, Belgrade, will host on May 19.
The three-day forum seeks to enhance bilateral cooperation, increase investment between companies and businessmen in both countries, raise trade exchange and investment in productive, industrial and agricultural sectors.
Source: The Gulf Today