Washington, DC (PRWEB) November 30, 2010
The U.S.-U.A.E. Business Council hosted Under Secretary of Commerce for International Trade Francisco Sánchez for a luncheon discussion with Business Council member companies on Monday, November 29, at the W Hotel. The luncheon was attended by nearly 100 commercial representatives, along with senior officials from the U.S. Department of Commerce and the U.A.E. Embassy.
Under Secretary Sánchez focused his remarks on the robust commercial relationship between the U.S. and the U.A.E., and on the early success of President Obama’s National Export Initiative (NEI), which aims to double American exports by 2015.
“President Obama’s NEI puts trade promotion at the top of the U.S. government’s agenda,” said Under Secretary Sánchez. “The U.A.E. will continue to play an important role in our NEI efforts both in terms of the local market and its important position as an international business hub.”
On the whole, the NEI has produced tangible results for the U.S. economy. U.S. export figures for September reached $106.9 billion, the highest monthly total since August, 2008. Global goods’ exports hit $937 billion from January to September 2010, an increase of 22 percent year-on-year.
The U.A.E. domestic market, with its wealthy local and expatriate populations, presents ideal opportunities for U.S. exports, said Under Secretary Sanchez, highlighting the country’s successful efforts to diversify its economy away from hydrocarbons into information and rail technologies, and its development of the world’s first carbon-neutral city, Masdar.
“The U.A.E.’s relatively small population delivers quite a consumption punch,” he said. “The U.S. government and business community are committed to working with the U.A.E. in its drive toward further diversification and increased economic growth.”
The U.S. enjoyed a 300 percent increase in total trade with the U.A.E. between 2000 and 2009, with U.S. exports growing by more than 400 percent. Building on that success, the Under Secretary said that the U.S. Commerce Department would sponsor a senior-level transportation and infrastructure mission to the U.A.E. and Qatar in June of 2011.
“We have been friends for a long time and we will continue to be the U.A.E.’s strongest and most committed business partner,” he said. For his part, Under Secretary Sánchez committed to visiting the U.A.E. in 2011.
Under Secretary Sánchez went on to emphasize the significance of the Pharmaceutical Research and Manufacturers of America (PhRMA) and the U.S.-U.A.E. Business Council’s Healthcare, Life Sciences, and Technology trade mission to the U.A.E., taking place from January 23-27th on the margins of Arab Health 2011, the Middle East’s largest healthcare conference, as an important opportunity for U.S. companies to create partnerships with their counterparts in the U.A.E.’s health sector.
The healthcare trade mission is certified by the U.S. Department of Commerce and supported by the U.A.E. Embassy Trade & Commercial office in Washington, D.C. The mission will be one of five commercial trade delegations that the U.S.-U.A.E. Business Council plans to organize and lead in 2011.
Under Secretary Sánchez was appointed by President Obama, confirmed by the U.S. Senate, and sworn into office in March of this year. He currently leads the International Trade Administration (ITA) and oversees the development of U.S. global trade policy. As undersecretary, Sánchez guides the ITA in the development of the US trade policy in the global economy, helps create jobs and economic growth by promoting US companies and strengthening American competitiveness across all industries, addresses market access and compliance issues, administers US trade laws, and undertakes a range of trade promotions and trade advocacy efforts.
About the U.S.-U.A.E. Business Council
The U.S.-U.A.E. Business Council is a progressive business advocacy organization solely committed to advancing the trade and commercial relationship between the United States and United Arab Emirates.