Washington — The U.S.-U.A.E. Business Council hosted United States Under Secretary of Commerce for International Trade, Stefan M. Selig for a policy luncheon on Thursday in Washington, D.C.  The closed-door policy discussion brought together over 70 public and private stakeholders to discuss the current business and regional developments impacting bilateral commerce between the U.S. and the U.A.E.

Following an introduction from U.S.-U.A.E. Business Council President Danny Sebright, U/S Selig delivered his perspectives on the importance of the trade relationship with the U.A.E. in the aftermath of his recent official visit to the country.  U/S Selig shared his thoughts on the broader regional commercial trends and economic opportunities for U.S. business in the Middle East as well as addressing the need for continued development of commercial programs between the two states.

Under Secretary of Commerce for International Trade Stefan M. Selig

“The United States and the United Arab Emirates share nearly $25 billion in goods trade annually, which makes the U.A.E. one of our most vital trading partners in the world.  In 2014 the U.S. exported over $22 billion in goods to the U.A.E., making the United Arab Emirates the largest goods export destination for American businesses in the Middle East,” said Under Secretary Selig.  “U.S. exports to the U.A.E. in the first three months of 2015 are nearly a quarter of a billion dollars higher than last year due to the growing bilateral trade relationship.  In line with President Obama’s National Export Initiative, we will continue to provide strong platforms for innovative U.S. businesses to successfully export their products to the region.”

Following the formal speaking program, the floor was opened to the audience for a question and answer session.  During the session, U.S. and U.A.E. private and public sector representatives openly discussed developments and issues impacting bilateral trade and investment across a range of sectors.

U/S Selig concluded his remarks by thanking the honored guests and the U.S.-U.A.E. Business Council for providing a platform upon which key stakeholders can drive the commercial agenda between the two countries.

Sebright concluded the luncheon by thanking the Under Secretary, as well as the business community for their participation.

For your reference, Under Secretary Stefan M. Selig’s bio can be found below.

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Stefan M. Selig
Under Secretary of Commerce for International Trade
U.S. Department of Commerce

Stefan M. Selig was confirmed on June 4, 2014, by the U.S. Senate to serve as President Obama’s Under Secretary of Commerce for International Trade at the U.S. Department of Commerce. Selig leads the International Trade Administration which assists in the development of U.S. trade policy in the global economy; creates jobs and economic growth by promoting U.S. companies; strengthens American competitiveness across all industries; addresses market access and compliance issues; administers U.S. trade laws; and undertakes a range of trade promotion and trade advocacy efforts.

Additionally, in his current capacity, Selig serves as the Executive Director of the Travel and Tourism Advisory Board, sits on the board of directors of the Overseas Private Investment Corporation (OPIC), is a Commissioner for the Congressional Executive Commission on China, and is a lifetime member of the Council on Foreign Relations.

Previously, Selig served as Executive Vice Chairman of Global Corporate & Investment Banking at Bank of America Merrill Lynch. In that capacity, he focused on building and maintaining strategic relationships at the CEO and board-level with important clients of the firm.  Before then, Selig was Vice Chairman of Global Investment Banking and Global Head of Mergers and Acquisitions at Banc of America Securities. Under his leadership, the bank advised its corporate and private equity clients on more than $1 trillion of strategic global transactions.

Selig is widely known as a highly accomplished banker and business executive who is recognized for his experience and judgment in providing strategic and financial advice to his clients. Throughout his nearly 30-year career, he built a reputation as a trusted advisor and a tireless advocate for American businesses both domestically and internationally.

Prior to joining Bank of America in May 1999, Selig held various senior investment banking positions on Wall Street including Co-Head of Mergers & Acquisitions for UBS Securities. He began his investment banking career in the Mergers & Acquisitions Group at The First Boston Corporation in 1984, and subsequently was an original member of Wasserstein Perella & Co.

Selig holds a B.A. in Economics from Wesleyan University, a General Course Certificate from the London School of Economics and Political Science, and an M.B.A. from the Harvard Graduate School of Business Administration.

He has previously served as a member of the board of directors of Lincoln Center for the Performing Arts and Services for the UnderServed which supports individuals and families facing challenging situations.