The United Arab Emirates so far has an FTA with Morocco and is currently in negotiations or explorations with Australia, Azerbaijan, Japan, New Zealand and the US, Australia and New Zealand.the US. It is also member of GAFTA.
last update: May 2012
Photo: IsraelMFA/CC BY-NC 2.0
The UAE is negotiating eight free-trade agreements with key economic blocks that will have an impact on trade worth Dh388 billion, according to 2005 figures, and cement the country’s position as the economic hub of the Middle East.
The UAE has proposed an Indo-Arabic economic bloc with a view to ensure prosperity and growth over the long term for the two sides.
"We do not need a free trade agreement with the UAE as there is already the Pan-Arab Free Trade Agreement (PAFTA), which we will implement," Prime Minister Dr Nadeef said. PAFTA is an agreement to establish a pan-Arab free trade area by 2008.
The UAE and Japan yesterday agreed to foster their existing trade and economic relations by starting discussions on Avoidance of Double Taxation Treaty to create an enabling environment for bilateral investments.
The UAE and New Zealand are expected to begin talks on a free trade agreement (FTA) tomorrow, a top Govennment official said.
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.
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.
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.
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.
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.