Agreement Aims to Boost Bilateral Trade and Economic Cooperation
Dubai Chambers has signed a MoU with the U.S. Chamber of Commerce to enhance trade relations and foster stronger ties between the business communities of Dubai and the United States. It is thought that the agreement will aid bilateral trade growth and expand further economic cooperation between these two markets.
PC: Zawya
The signing ceremony took place at Dubai Chambers’ headquarters, with Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, and Steve Lutes, Vice President for the Middle East at the U.S. Chamber of Commerce, representing their respective organizations.
Strengthening Business Collaboration
Al Shamsi stressed that the collaboration was in line with Dubai Chambers’ presence to create stronger partnerships with business organizations across the globe. It provides an opportunity for American companies to establish themselves in Dubai and offers similar opportunities for Dubai-based companies to enter the U.S. market.
“This collaboration comes from our ongoing attempts to boost cooperation with business organisations and communities around the world. With this partnership with the U.S. Chamber of Commerce, we aim to enhance economic and investment partnerships and expand mutual business opportunities between American companies and their counterparts in Dubai,” said Al Shamsi.
Key Provisions of the MoU
Under the terms of this MoU, Dubai Chambers shall provide its support to the U.S. Chamber of Commerce members in establishing and investing in Dubai and providing strategic services that will fast-track the investment process. In return, the U.S. Chamber of Commerce will assist members of Dubai Chambers by facilitating their expansion into the U.S. market.
The MoU also included collaboration on some key issues, namely:
– Reciprocal cooperation in the organization and participation in trade fairs, investment missions, conferences, and exhibitions in Dubai and the U.S.
– Facilitating business-matching and networking activities.
– Regular exchange of trade information and reports between Dubai and the U.S. markets.
Dubai’s Vision for Economic Growth
Dubai Chambers continues to implement its strategic priorities of strengthening the business environment in Dubai, attracting global business and investments, and enabling the international expansion of its members. The chamber also seeks to promote accelerated growth in the digital economy in Dubai, enhanced advocacy efforts, and embracing high institutional and customer service standards.
The agreements with the U.S. Chamber of Commerce foster the larger vision of Dubai to emerge as a global business and investment hub and further strengthen its gateway role for companies looking to expand in the region and beyond.
