UAE In Focus — UAE, US sign MoU to lower trade barriers and promote economic growth

UAE In Focus — UAE, US sign MoU to lower trade barriers and promote economic growth

RIYADH: The UAE Ministry of Industry and Advanced Technology has signed an initial agreement with the American National Standards Institute to lower trade barriers and promote economic growth. The memorandum of understanding was signed during the ISO Annual Meeting 2022, which is taking place in Abu Dhabi this week, according to a statement. This comes in line with the ministry’s efforts to collaborate with global partners in the field of standardization as part of its work to align with international standards and best practices. In the first half of 2022, the US was one of UAE’s largest trading partners, with non-oil trade between the two countries reaching almost $14.5 billion. UAE’s president Mohammed bin Zayed Al-Nahyan has signed an agreement with German Chancellor Olaf Scholz that covers accelerating energy security and industrial growth, according to Emirates News Agency. As part of the agreement, Abu Dhabi National Oil Co. has entered into an Liquid Natural Gas supply agreement with RWE AG. ADNOC will be providing LNG cargo for delivery in late 2022, to be used in the commissioning of Germany’s floating LNG import terminal at Brunsbüttel. Israel has agreed to sell an advanced air defense system to the UAE, Reuters reported