A free trade agreement between the UAE and Australia is likely to be concluded by the middle of this year, said a top Australian official. The UAE is also likely to conclude another free trade agreement (FTA) with the United States, while the GCC is expected to sign its own FTA with the European Union in May.
In a replay of congressional efforts last year that foiled a bid by a Chinese company to buy a US oil firm, a group of hawkish US lawmakers, citing national security concerns, are trying to block a deal that gives a major Arab company control over a British firm that runs some US ports.
After almost two years, negotiations between the United Arab Emirates (UAE) and the United States over a Free Trade Agreement (FTA) are nearing an end, with the two sides expected to close a deal within a few months. But the debate over the effect of the agreement on the UAE’s economy has recently been reignited.
The UAE was following the lead set in the GCC by Bahrain yesterday when it started its fourth round of free trade agreement (FTA) negotiations with the US in London.
The Bush administration hopes to initiate more free-trade agreement (FTA) negotiations in 2006, possibly with South Korea and Malaysia, US Trade Representative Rob Portman says.
Investment opportunities will continue to increase in the UAE, according to the principal of one private Equity fund, who pointed to anticipated changes in the federal Company Law as further indication of the country’s liberal economy.
Recent difficulties in the implementation of Morocco’s free trade agreement with the UAE have raised questions regarding the kingdom’s readiness for trade liberalisation. They might also further delay the entry into force of more crucial free trade deals.
The UAE and US will resume their FTA negotiations on the 12 through the 16 of November in London.
According to a top UAE government official, double taxation agreements are paving the way for future free trade agreements and saving millions of dollars for of local companies.
Though many regional free zones have been around since the early 1980’s, only recently has the free zone frenzy emerged, coinciding with countries developing free trade agreements (FTA) with their neighbours and others wanting to become members of the WTO.
The UAE’s decision to eliminate the monopoly in the foodstuffs sector will have a profound impact on the economy, according to analysts and businessmen.
South African exporters will now have more access to Kuwait’s market after trade and industry minister Mandisi Mpahlwa yesterday signed a free trade agreement with the oil-rich Middle East country. The deal with Kuwait was concluded a day after Mpahlwa signed a free trade agreement with the United Arab Emirates (UAE), also an oil producer.
Welcoming the signing of the Free Trade Agreement between the US and the UAE, Anis Nassar, president of the American Business Council in Dubai said the move would help increase the economical potential of the Emirates.
DUBAI’S textile and garments market is one of the largest and strongest markets in the region. In 2004, Dubai’s direct exports of the products reached Dh625 million, or 13 per cent of Dubai’s direct exports, while re-exports reached Dh6 billion; leading to a total share of 10 per cent to the total value of goods Dubai directly supplied to the rest of the world.
Recently, Free Trade Agreements (FTAs) negotiations are being held between the GCC countries and the USA. Being crucial sectors in these countries’ economies, the banking and financial sectors are being considered for liberalisation in the context of these FTAs.
National Bank of Dubai in a report outlined the US main objectives from regional trade agreements, the Free Trade Agreements (FTAs).
Australian Prime Minister John Howard has held talks with officials from the United Arab Emirates on another Free Trade Agreement. The UAE has the world’s 3rd largest oil reserves.
In a meeting held recently at the Ministry of Finance and Industry (MoFI) in Dubai, the Rules of Origin National Committee agreed upon various elements including the official forms that will be adopted in the Free Trade Agreements (FTAs) that are currently under negotiation between the UAE and other countries.
Chairman of the Emirates Bank Group Ahmed Humaid Al Tayer has expressed disappointment about not involving the private sector in Free Trade Agreement (FTA) negotiations with the US, fearing it may turn out to be an ’agreement of mass destruction’ for the domestic economy.
Gulf Arab efforts to defend a customs union suffered a setback after the United Arab Emirates refused to sign an accord barring bilateral trade deals except with the United States, Gulf sources said yesterday.