Yemen lost $154m during 2005-2007 due to gradual reduction for customs and tax tariff within the agreement of the biggest Arab Free Trade Zone
Yemen will soon become a regular member of the GCC, following the GCC leaders’ agreement to a request by Saudi King Abdallah. In addition, a GCC-EU free trade agreement is expected to be signed during 2008.
With free trade agreements, come political leverage. Realising this, the United States is moving fast to sign bilateral FTAs with Gulf countries - in the hope that Washington would be able to fill a vacuum because of the slowness of these Arab states in starting any regional trading mechanisms of their own.
The UPI has reported that Yemen and the United States of America are preparing a plan to start a free trade zone between the two countries.
Federal Cabinet has approved the summary for Free Trade Agreement (FTA) between Pakistan, Yemen and Mauritius.
The summary was presented before federal cabinet after a trade delegation headed by Federal Commerce Minister Humayun Akhtar Khan attended a joint Ministerial Commission conference in Yemen and Mauritius in March 2004 and inked a Memorandum of Understanding about FTA.