Agreement Signed During UAE Minister of Economy’s US Visit Will Help Accelerate Investment and Economic Cooperation
WASHINGTON, May 24, 2024 /PRNewswire/ — The UAE Ministry of Economy and the United States Patent and Trademark Office (USPTO) have agreed to enhance bilateral cooperation to spur additional economic growth, entrepreneurship, social and cultural development between the UAE and US. UAE Minister of Economy His Excellency Abdulla bin Touq Al Marri and Under Secretary of Commerce for Intellectual Property and USPTO Director Kathi Vidal signed the new Memorandum of Understanding (MOU) during a recent ceremony in New York City. The MOU will facilitate the exchange of best practices regarding intellectual property (IP) policies, protections, public awareness and educational outreach.
Under the terms of the agreement, the UAE Ministry of Economy and USPTO will engage in:
Exchanges of best practices related to IP and related laws;
Technical assistance and capacity building programs and activities; and
Discussion and consultation on IP protection issues of mutual concern.
The UAE Minister of Economy is visiting the US to meet with business leaders, tech entrepreneurs and local officials, including the mayors of New York City and Miami Beach. During his visit, the Minister has emphasized the success of strengthened UAE-US trade ties and policy changes that have attracted more investors, entrepreneurs and a highly skilled workforce to the UAE.
“My message is simple: The UAE is open for business,” said Minister Al Marri. “We’ve made it easy for US companies, start-ups and investors to do business in the Emirates. And our efforts are succeeding – we’re experiencing more investment and trade with the US than ever before.”
The Minister highlighted the advanced technology sector as one of the fastest-growing areas of bilateral cooperation. This week, Microsoft and Abu Dhabi’s G42 announced a $1 billion geothermal-powered data center in Kenya, following Microsoft’s $1.5 billion investment in G42 this past April. Additionally, G42 and California-based Cerebras Systems are collaborating to build a new AI supercomputer in Dallas, Texas, which is poised to be one of the largest and fastest in the world.
According to Minister Al Marri, these UAE-US partnerships will speed the delivery of generative AI and next-generation digital infrastructure and services globally, while making AI more fair, equitable and accessible to the Global South.
The US is one of the UAE’s most important trade partners. Forty US states increased year-on-year exports to the UAE in 2023, bringing total trade between the two countries to $31.4 billion and supporting an estimated 166,000 American jobs. The UAE’s stable and welcoming business environment, coupled with initiatives that support capital access and strategic growth, have made it an increasingly popular destination for global investors, including those from the US.
Media Contact: Lamiyae Jbari
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SOURCE Embassy of the United Arab Emirates
