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
ljbari@uaeembassy-usa.org
202 243 2464
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SOURCE Embassy of the United Arab
Emirates