Business International UAE

UAE-US non-oil trade volume hits US$30.6 billion in 2017

A report issued by the UAE Ministry of Economy, MoE, on the World Trade Organisation’s Trade Policy Review of the United States shows that despite shifts in the US trade policy towards increasing protectionism across multiple sectors, the US remains committed to working with all WTO members in maintaining fair and reciprocal trade partnerships.

With its accession to the Trade Facilitation Agreement during the Trade Policy Review period, the report mentioned that the United States had provided the Organisation with many notifications covering various sectors such as agriculture, anti-dumping, subsidies and countervailing measures. Twenty countries now have 14 valid free trade agreements with US covering goods and services.

The WTO’s review noted that there are no changes to the US foreign investment policies as they maintain existing open policies, except for limited audits and restrictions on foreign investment in a few industries, especially aviation, nuclear power. The US has also adopted a policy of reviewing the requirements of national security with the involvement of the Foreign Investment Committee and according to its recommendations and outputs on foreign investment trends, some foreign investment deals, only if proven to pose threats to national security, are cancelled.

The report, which was prepared by the Foreign Trade Policies and International Organisations Department, highlighted the importance of trade relations between the UAE and the USA. It noted that both countries share strong and strategic relations, as reflected by the volume of trade exchange between both countries, which touched to US$30.6 billion in 2017. The value of UAE’s imports from the USA stood at US$ 23 billion in 2017, while non-oil exports were recorded at about US$2 billion, and the value of re-export touched about US$ 5.3 billion.

According to the WTO report, the US GDP growth for the ninth consecutive year, grew 2.2 percent in 2017 compared to 1.6 percent in 2016, recording a growth rate of 4.1 percent in the second quarter of 2018. A continued growth from 4.2 percent in 2018 to 5.1 percent in 2022 is also expected.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.