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UAE Minister of Economy builds bridges to U.S trade associations
posted on 19/03/2007: 81 views
Washington, DC - At a private breakfast hosted by the National U.S.-Arab Chamber of Commerce (NUSACC), Lubna Al Qasimi, UAE Minister of Economy and Planning, met with a high-level group of trade association leaders to discuss the importance of commercial relations and dialogue.
Sheikha Lubna noted that the UAE serves as the "number one export destination for the United States in the Arab world' and that the UAE provides access to "one billion consumers through our nation's seaports and airports.” She said that the United States is the only nation with which the UAE is negotiating a bilateral free trade agreement (FTA).
The Gulf Cooperation Council (GCC), of which the UAE is a part, is currently pursuing FTA agreements with Japan, Korea, Singapore, China, Pakistan, Turkey, New Zealand, Australia and the EU.
In Dubai, Sheikha Lubna noted, the workforce is nearly eighty percent expatriates, and the government has helped to create a healthy and prosperous living environment for them. "You can't have a good business system without being a kind host to those who contribute to your GDP,” she suggested.
Sheikha Lubna's visit to Washington coincided with the release of NUSACC's 2007 forecast for U.S. exports to the Arab world.
Entitled 2007 Outlook: U.S. Exports on Track to Reach US$45 Billion, the new report notes that U.S. exports to the UAE jumped more than 40 percent in 2006 and are expected to increase approximately 24 percent in 2007. Perhaps more important, the U.S. share of the UAE's import market has climbed from 14 percent in 2005 to an anticipated 20 percent in 2007.
According to David Hamod, NUSACC's President & CEO, the UAE is America's favourite customer in the region. "The depreciated dollar is making U.S. exports more attractive than ever,” he said, and the UAE market will "soon account for the highest consumer retail spending in the region.” Hamod concluded, "Sheikha Lubna is appreciated for her command of the facts and her willingness to "tell it like it is."
"The United States is fortunate to have such a spirited advocate in support of UAE-U.S. commercial relations." The National U.S.-Arab Chamber of Commerce, widely regarded as the voice of American business in the Arab world, is in touch with business communities across the United States and serves as the U.S. point of contact for the national chambers of commerce in the 22 Arab nations.
On a daily basis, NUSACC works closely with leaders throughout the Arab world, as well as high-level decision makers in the U.S. business community, public policy research centres (think tanks), multilateral institutions, nongovernmental organizations (NGOs), media, and the U.S. Government. (Emirates News Agency, WAM)
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