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UAE-US business ties were boosted on Monday with the signing of a cooperation agreement between DIFC Courts and the United States District Court for the Southern District of New York, or SDNY, the oldest and busiest district court in America.
The two courts? respective chief justices met in Dubai to agree a memorandum of guidance, or MoG, that provides companies operating in both markets additional contract certainty by setting out the procedures for the mutual enforcement of money judgements.
This is the latest in a chain of enforcement memoranda signed in recent years by DIFC Courts with leading international jurisdictions, including the Commercial Court of England and Wales, the Supreme Court of Singapore, the Federal Court of Australia, the New South Wales Supreme Court and the High Court of Kenya (Commercial and Admiralty Division).
?New York and Dubai have a strong bilateral trade relationship as two major centres of global finance and commerce. Thus both have a shared interest in ensuring predictable, efficient, and fair resolution of commercial disputes. Because commerce is now so international, it is more necessary than ever for judgments rendered in one court to be easily recognized in other countries.
Today, two of the world?s most vibrant commercial centres have taken a huge leap forward by providing guidance for business people and lawyers about our respective countries? abilities and willingness to recognise judgments in the other.?The strength of the UAE-US economic relationship has helped to create an estimated 200,000 jobs in each country. Non-oil bilateral trade was valued at $26.9 billion in 2013 and the UAE is the United States? single largest export market in the Middle East.