Obaid Al Tayer meets US Treasury Secretary

In a bid to strengthen international relations and discuss regional and global economic developments, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, today met with the US Treasury Secretary, Steven Menuchin.

The meeting, held at the Ministry of Finance headquarters, MoF, was attended by Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank, Younis Haji Al Khouri, Under-Secretary of MoF, and a number of MoF specialists and officials, UAE Central Bank and US Treasury.

Al Tayer welcomed the US Treasury Secretary on his first visit to the country since taking office in February 2017, wishing him success in his new job.

During the meeting, the parties discussed 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 meeting also touched on the UAE's Artificial Intelligence strategy, the first of its kind in the region and the world, aiming to boost government performance and create a highly productive innovative environment.

"The UAE enjoys a close strategic partnership and relations with the USA in a number of economic fields, foremost of which is the trade exchange, which in 2016 reached $19 billion. 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," Al Tayer said.

He added that economic and trade relations between the UAE and US 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.

Al Tayer also highlighted UAE’s achievements under the directives of the UAE’s wise leadership, sustained and diversified economic growth, efforts to improve the investments environment, as well as areas of cooperation between the two countries towards advancing financial and economic fields, and developments related to financial and money markets locally and globally.

The UAE, represented by the 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.