US-UAE economic relations extraordinary
The United States and the United Arab Emirates maintain an already extraordinary and strong economic relationship and both countries are certainly committed to further integration in the future, stressed U.S. Treasury Undersecretary for International Affairs David McCormick. Speaking to reporters at a press briefing on Monday at the US. Embassy in the UAE capital city of Abu Dhabi, McCormick expressed hopes that the United States and the UAE would conclude a Free Trade Agreement (FTA).
He declined to comments on the dollar pegging currency policy of the Gulf countries which was set as a topic of recent meeting of the Gulf Cooperation Council." Only the US Federal Reserve is authorized to comment or give statements on such issue, explained McCormick. The senior US Treasury official arrived in Abu Dhabi City on Sunday starting a 2-day visit as part of a regional tour. He said his meetings today with UAE Central Bank Sultan Nasser Al Suwaidi and senior officials of Mubadala and Abu Dhabi Investment Authority (ADIA) were focused on further promoting a shared vision and understanding of strong bilateral relations between the two countries. "The primary focus of (my) trip is investment and reinforcing the President (Bush) May announcement where he reinforced the openness of the US to investments and the benefits of US economy of having the policy of openness to investments", said McCormick. Admitting that "there are some concerns in the region about the openness of the US economy", McCormick said He said his Gulf trip is to "reinforce the theme that America is open to investment." McCormick said he also discussed the progress made on the UAE-US free trade agreement negotiations as well as potential joint ventures at a meeting today with Minister of Economy Sheikha Lubna Al Qassimi and officials of the UAE-US Business Council. McCormick's meeting with the Minister also discussed the current investment environment in both countries and related legislations and opportunities that are conductive to attracting more foreign investments to the two countries. McCormick said he will be meeting later today with H.H. Sheikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of UAE and Ruler of Dubai. The negotiation authority given (by Congress) to US administration expired this summer, said McCormick adding that without Congress approving the next round of Trade Motion Authority, the US Administration won't be able to engage in FTA negotiations with the UAE. Stressing that the US is not concerned about possible decline in the region's investments in the US, McCormick said: "We continue to believe that the US offers extremely attractive capital markets in the world...We continue to see the US as an attractive investment destination." Part of McCormick's trip to the region is, he said, to reinforce the openness of the US markets also for economies around the globe. The US, according to him, attracted 1.9 trillion US dollars of foreign; he stated adding that the US is very much interested in promoting the concept of openness in the field of investment with countries around the globe. On the Dubai Ports World's takeover of P&O stevedoring operations at US ports, he said that "this issue left many in the region with the impression that the US is less open to foreign investment that it had been in the past." Noting that different parties in the US government participate in the process of reviewing foreign investment in the US, McCormick said: "We have potential national security concerns but we also focus on recognizing the importance of foreign investment". "The US had a legislation passed by the congress and signed by President Bush on ensuring healthy balance between national security issues and promoting investments." "We have a very constructive dialogue to ensure that investments around the world remain driven by market principles" stressed McCormick. The latest sanctions imposed by Washington against Iran were also discussed McCormick's meetings today with some officials and investors in the UAE capital. "We shared with them some further specifics associated with the announcement (of sanctions against Iran) several days ago" to promote a better understanding of the direction of US policy, said McCormick who said they did not go into details about the discussions on Iran. He, however, said that Washington hopes the sanctions would "result in further action by other countries, will sensitise companies that are doing business with Iran to the potential risk of doing so and the fact that by doing so they may be further advancing these proliferation activities or terrorist financing activities." He added that the latest sanctions against Iran were aimed at promoting a diplomatic solution to the nuclear standoff with Iran. Source
He declined to comments on the dollar pegging currency policy of the Gulf countries which was set as a topic of recent meeting of the Gulf Cooperation Council." Only the US Federal Reserve is authorized to comment or give statements on such issue, explained McCormick. The senior US Treasury official arrived in Abu Dhabi City on Sunday starting a 2-day visit as part of a regional tour. He said his meetings today with UAE Central Bank Sultan Nasser Al Suwaidi and senior officials of Mubadala and Abu Dhabi Investment Authority (ADIA) were focused on further promoting a shared vision and understanding of strong bilateral relations between the two countries. "The primary focus of (my) trip is investment and reinforcing the President (Bush) May announcement where he reinforced the openness of the US to investments and the benefits of US economy of having the policy of openness to investments", said McCormick. Admitting that "there are some concerns in the region about the openness of the US economy", McCormick said He said his Gulf trip is to "reinforce the theme that America is open to investment." McCormick said he also discussed the progress made on the UAE-US free trade agreement negotiations as well as potential joint ventures at a meeting today with Minister of Economy Sheikha Lubna Al Qassimi and officials of the UAE-US Business Council. McCormick's meeting with the Minister also discussed the current investment environment in both countries and related legislations and opportunities that are conductive to attracting more foreign investments to the two countries. McCormick said he will be meeting later today with H.H. Sheikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of UAE and Ruler of Dubai. The negotiation authority given (by Congress) to US administration expired this summer, said McCormick adding that without Congress approving the next round of Trade Motion Authority, the US Administration won't be able to engage in FTA negotiations with the UAE. Stressing that the US is not concerned about possible decline in the region's investments in the US, McCormick said: "We continue to believe that the US offers extremely attractive capital markets in the world...We continue to see the US as an attractive investment destination." Part of McCormick's trip to the region is, he said, to reinforce the openness of the US markets also for economies around the globe. The US, according to him, attracted 1.9 trillion US dollars of foreign; he stated adding that the US is very much interested in promoting the concept of openness in the field of investment with countries around the globe. On the Dubai Ports World's takeover of P&O stevedoring operations at US ports, he said that "this issue left many in the region with the impression that the US is less open to foreign investment that it had been in the past." Noting that different parties in the US government participate in the process of reviewing foreign investment in the US, McCormick said: "We have potential national security concerns but we also focus on recognizing the importance of foreign investment". "The US had a legislation passed by the congress and signed by President Bush on ensuring healthy balance between national security issues and promoting investments." "We have a very constructive dialogue to ensure that investments around the world remain driven by market principles" stressed McCormick. The latest sanctions imposed by Washington against Iran were also discussed McCormick's meetings today with some officials and investors in the UAE capital. "We shared with them some further specifics associated with the announcement (of sanctions against Iran) several days ago" to promote a better understanding of the direction of US policy, said McCormick who said they did not go into details about the discussions on Iran. He, however, said that Washington hopes the sanctions would "result in further action by other countries, will sensitise companies that are doing business with Iran to the potential risk of doing so and the fact that by doing so they may be further advancing these proliferation activities or terrorist financing activities." He added that the latest sanctions against Iran were aimed at promoting a diplomatic solution to the nuclear standoff with Iran. Source
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