The UAE is also a signatory to the World Trade Organization`s (WTO) Information Technology Agreement (ITA), a treaty that binds 78 countries (accounting for 97% of global trade in computer products) to remove tariffs on computer products. The many goods covered by the treaty are estimated at more than $1.3 trillion a year. The Abu Dhabi government has formed the Advisory Committee on Free Trade Agreements, whose objective is to lift trade restrictions between the Emirate of Abu Dhabi and the countries with which the UAE is negotiating a free trade agreement. Bahrain would play a crucial role in negotiations with other GCC countries to finalize the FTA pak-GCCs framework to further improve the completion of the mutual trade list, a senior Commerce Department official told APP on Tuesday. He said the private sector would play an important role in increasing the volume of trade with the CMCs. The UAE is a party to several multilateral and bilateral trade agreements, including with GCC partner countries. Under the GCC, the UAE has strong economic relations with Saudi Arabia, Kuwait, Bahrain and Oman, which means that the UAE shares a common market and customs union with these nations. Under the Agreement on the Enlarged Arab Free Trade Area (GAFTA), the United Arab Emirates has access to free trade with Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Saudi Arabia, Tunisia, Palestine, Syria, Libya and Yemen In 2012, the United Arab Emirates as members of the Gulf Cooperation Council (GCC) were parties to the Framework Agreement on Trade between the United States and the GCC. Economic, investment and technical cooperation. In 2014, the United Arab Emirates ratified this agreement by Federal Decision No. 86. Since 2012, the United States and the United Arab Emirates have held several iterations of the economic dialogue between the United States and the United Arab Emirates, which provides a platform for economic cooperation and countering the irritation of bilateral trade relations. The United States began a free trade agreement (FTA) in March 2005.
In early 2007, the United States and the United Arab Emirates announced that they would not be able to conclude the FTA negotiations within the time limit set for the Trade Promotion Authority, but that both sides remain committed to concluding the FTA negotiations at a later date. No further FTA negotiations have taken place. In 2004, the United States signed a Trade and Investment Framework Agreement (TIFA) with the United Arab Emirates (United Arab Emirates) to create a formal framework for dialogue on economic reform and trade liberalization. TTIFA promotes the introduction of legal protection for investors, improved protection of intellectual property rights, more transparent and efficient customs procedures, and greater transparency of national and trade regulations. This process allows the U.S. government to identify potential partners for further trade cooperation, such as for example. Β Free Trade Agreements (FTA). In addition, the UAE has signed free trade agreements with Singapore (on the CCGC Agreement with the Nation) and New Zealand and discussed the establishment of similar agreements with the European Union, Japan, Australia, South Korea, India, Brazil, China, Argentina, Pakistan, Paraguay, Turkey and Uruguay. It has also concluded several agreements on the protection and promotion of investments and the prevention of double taxation. An official from Pakistan`s Ministry of Commerce was also quoted as saying that Pakistani states and the GCC are obliged to promote bilateral trade and trade relations.
« Encouraging the private sector to increase the volume of trade is a priority for both sides, » he added. He said negotiations for a free trade agreement between Pakistan and six GCC countries would also be discussed in the next round of negotiations for the agreement. The official said Pakistan is committed to concluding the Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) to improve multilateral trade. Describes the bilateral and multilateral trade agreements in which this country participates, including with the United States….