The US is trying to secure a bilateral free trade agreement with the United Arab Emirates as part of its drive to patch together an overall US-Middle East FTA by 2013.
Talks started in 2005, after the signature of a US-UAE Trade and Investment Framework Agreement in 2004, and were supposed to wrap up in 2006. However, the Dubai Ports World scandal that erupted in the US in 2006 put all this on ice and the process has not recovered since.
last update: May 2012
Photo: *_* / CC BY 2.0
Opposition in the United States to a UAE firm taking over US ports will not deter the Arab state from more investments there, but could make other countries divert funds to Asia and Europe, the UAE’s economy minister said on Wednesday.
US business leaders voiced worry on Wednesday that a congressional uproar over an Arab company’s takeover of operations at key US ports could slow proposed free trade pacts in the Middle East, particularly with the United Arab Emirates, where the company is based.
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 UAE and US will resume their FTA negotiations on the 12 through the 16 of November in London.
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.
National Bank of Dubai in a report outlined the US main objectives from regional trade agreements, the Free Trade Agreements (FTAs).
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.
Negotiations between the UAE and the US on a free trade agreement (FTA) are making progress. Two more rounds of discussions should produce the final draft of an accord, according to a senior US official.