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Emirates Information Company – US-UAE digital financial system cooperation: US official

By Binsal Abdulkader

ABU DHABI, twenty second November, 2022 (WAM) — A joint assertion on cross-border knowledge flows signed by america and the United Arab Emirates is only one instance of the potential for larger bilateral collaboration within the digital financial system, a senior US official informed the Emirates Information Company (WAM).

“The joint assertion actually embodies the widespread strategy that america and the United Arab Emirates are taking to knowledge coverage,” mentioned Arun Venkataraman, assistant secretary of commerce for international markets and managing director of the U.S. Commerce Service and overseas.

In an unique interview with WAM final week in Abu Dhabi, he added that the initiative notably highlights joint dedication to cross-border knowledge flows to make sure that knowledge is utilized in a approach that protects the pursuits of residents. .

Shield citizen knowledge

The joint assertion goals to stop the misuse of knowledge and acknowledges that by a system of interoperability, it’s attainable to guard customers and maximize the alternatives to profit from knowledge for society, defined Mr. Venkataraman .

“Each governments are subsequently dedicated to making sure most safety of citizen knowledge whereas pursuing interoperability each bilaterally and multilaterally. We’re subsequently dedicated to figuring out mechanisms, whereas working with different companions, to assist this sort of interoperable strategy.”

Venkataraman, who took workplace in April 2022 to guide the US authorities’s efforts to advertise abroad exports and entice overseas funding, was on his first official go to to the UAE.

A joint declaration to facilitate cross-border commerce

Requested concerning the sensible affect of the joint declaration, the official asserted that it isn’t a tutorial train however that it maximizes the sovereignty of all international locations by permitting international locations to pursue their very own approaches to issues. cross-border knowledge flows. “However by doing so, in a approach that facilitates cross-border enterprise exercise,” the US official burdened.

He added that it is going to be an absolute win-win outcome. “You defend residents and maximize the prospects for companies to function in a number of jurisdictions, bringing these advantages on to residents,” Venkataraman burdened.

Detailing the prospects for bilateral cooperation within the subject of digital financial system, the official identified that the UAE authorities is keenly excited by bringing extra innovation and extra know-how to the international locations.

Widespread options within the digital financial system

“In fact, American firms have to be a part of it, as a result of they’re the world leaders on this subject. So this can be a excellent space for partnership. By partnering, we intend to create credible options who will harness the expertise assets of the UAE and america to convey options right here, not simply within the Center East however world wide,” he defined.

Requested about his predictions for the longer term prospects of bilateral commerce between the United Arab Emirates and the United Arab Emirates, Venkataraman mentioned he left it as much as the forecasters, however was assured sooner or later. .
“I derive my confidence from what I hear from our enterprise neighborhood concerning the trajectory it expects right here within the Emirates. It’s not based mostly on hope, however on actual knowledge and expertise and what they see taking place right here within the Emirates. I belief my enterprise companions to inform me what the outlook is for the longer term. We hear that the Emirates is a spot the place American companies can come, develop, succeed, and actually strengthen the foundations of this long-term strategic partnership,” he mentioned.

A veteran of worldwide affairs

Mr. Venkataraman has over 20 years of expertise advising companies, worldwide organizations and the US authorities on worldwide commerce points. Most lately, he served as Advisor to the Secretary of Commerce. Earlier than becoming a member of the Biden-Harris administration, he was a senior director at Visa. Beneath the Obama administration, Mr. Venkataraman served because the ITA’s first-ever coverage director. He additionally labored within the Workplace of america Commerce Consultant (USTR). Previous to USTR, he was a authorized officer on the World Commerce Group.
Born in Coimbatore, South India, and raised in Houston, Mr. Venkataraman holds a JD from Columbia Legislation Faculty.

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