Washington, May 28 (IANS/WAM) Trade between the US and UAE remains robust despite economic recession, says a report. US exports to the UAE rose from $3.6 billion in 2002 to $12.1 billion in 2009, representing a 237-percent increase.
The report, released by the US-UAE Business Council Thursday, cites an increasingly diversified UAE economy as a source of the dynamic bilateral trade and investment relationship.
It notes that the UAE economy continues to outperform most other nations, powered largely by increased infrastructure spending, real estate development, investments to expand oil production and growth of government-linked companies in areas including technology and alternative energy.
The 2010 US-UAE Trade and Investment Relationship report was authored by Michael Moore, professor of Economics and International Affairs, of George Washington University.
The report emphasizes the growing foreign direct investment (FDI) opportunities in both the US and the UAE and focuses on the open commercial and strategic cooperation between the two countries.
In the report, Moore, who is also the founding director of the Elliot School of International Affairs’ Institute for International Economic Policy, underscores the unique qualities of the trade ties, notably UAE’s position as the top US export destination in the Middle East.
According to the report’s key findings, US goods exports to the UAE have increased from $3.6 billion in 2002 to $12.1 billion in 2009, representing a 237 percent increase compared to a 52 percent increase for US goods exports to all other countries during the same period.
The US goods trade surplus with the UAE reached $10.6 billion in 2009. This is the 4th largest bilateral American surplus with any country.