In a bid to strengthen international relations and discuss regional and global economic developments, HE Obaid Humaid Al Tayer, Minister of State for Financial affairs, met today with the US Treasury Secretary Steven Menuchin, in the Ministry of Finance’s (MoF) headquarters in Abu Dhabi.
The meeting was held in the presence of HE Mubarak Rashid Al Mansouri, Governor of the UAE Central Bank, HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance and a number of specialists and officials from MoF, UAE Central Bank and US Treasury.
HE Obaid Humaid Al Tayer welcomed the US Treasury Secretary on his first visit to the country after taking office in February 2017, wishing him success in his new role and responsibilities towards the goals and aspirations of governments.
HE Al Tayer stressed the strength of the relationship between the two countries, and said: "The UAE enjoys a close strategic partnership and relation with the USA in a number of economic fields, foremost of which is the trade exchange, which in 2016 reached $ 19 billion US dollars. We continue to work on developing prospects for economic cooperation and expanding bilateral trade relations, which will promote economic growth and achieve common interests of the two countries.”
HE added: “Economic and trade relations between the UAE and the USA are taking a strategic direction through the growing volume of trade exchange and the depth and diversity of relations in various vital economic fields such as aviation, energy, infrastructure, advanced science and space, where the UAE hosts more than 1,500 US companies. The two countries continue to strengthen their mutual trade relations. The US-UAE Business Council was established this year, to support and expand the scope of the trade relationship between the two countries."
The meeting discussed the regional and global economic developments, the pivotal role played by the UAE in promoting global sustainable economic and social development, and the proactive and qualitative transformation achieved by the UAE in a number of strategic areas that directly contribute to enhancing government performance and achieving sustainable development. The most recent strategic launch, done to boost government performance and create a highly productive innovative environment, is the UAE Artificial Intelligence strategy, which is the first of its kind in the region and the world.
HE Obaid Humaid Al Tayer also highlighted the UAE’s achievements under the directives of the UAE’s wise leadership, the sustained and diversified economic growth, efforts to improve the investments environment, as well as the areas of cooperation between the two countries towards further advancing financial and economic fields, and developments related to financial and money markets locally and globally.
The UAE, represented by MoF, has signed the Agreement on the Foreign Account Tax Compliance Act (FATCA). The Ministry has also provided a guide to FATCA and the registration form for these accounts on its website. This guide provides a detailed explanation of the US tax compliance law and the terms of its application, as well as the terms and conditions to be implemented. It also includes the UAE's implementing regulations and the updates of laws issued by the Treasury Department.