In 2012, as a member of the Gulf Cooperation Council (GCC), the United Arab Emirates became a party to the United States-GCC Framework Agreement on Trade, Economy, Investment and Technical Cooperation. In 2014, the UAE ratified this agreement by Federal Decree No. 86. Since 2012, the United States and the United Arab Emirates have held several iterations of the U.S.-UAE Economic Policy Dialogue, which provides a platform for cooperation on economic issues and addresses irritations for bilateral trade relations. Ohad Cohen, director of the Israel Foreign Trade Authority and head of Israel`s negotiating team, said he intended to reach an agreement with the UAE on issues of trade in goods and services, regulation, government procurement, e-commerce and the protection of intellectual property rights. India and the United Arab Emirates have had common trade relations over the centuries, some examples of their long-standing trade cooperation are the signing of the Double Taxation Convention (DBAA) in April 1992, the Framework Agreement on Economic Cooperation signed on 25 August 2004, the Customs Cooperation Agreement signed on 1 April 2012 and the Bilateral Agreement on investment promotion and protection signed on 12 December 2013. (BIPPA) between India and the United Arab Emirates. The United States signed a Trade and Investment Framework Agreement (TIFA) with the United Arab Emirates (UAE) in 2004 to provide a formal framework for dialogue on economic reform and trade liberalization. TFA promote the creation of legal protection for investors, improved protection of intellectual property rights, more transparent and efficient customs procedures, and greater transparency in government and trade regulations.
Through this process, the U.S. government can identify potential partners for further trade cooperation, such as free trade agreements (FTAs). The free trade agreement between the GCC countries and Singapore was signed in Doha in 2008. This global agreement benefits companies in the following sectors: petrochemicals, jewellery, machinery, iron and aluminium. Under the agreement, tariffs on GCC exports to Singapore and 99% of Singapore`s exports to the GCC countries were exempted. “This agreement will significantly strengthen trade between the two countries, remove obstacles and expand economic cooperation,” Barbivai Bin Touq Al Marri said, according to his ministry. The United States began negotiating a free trade agreement (FTA) with the United Arab Emirates in March 2005. In early 2007, the United States and the United Arab Emirates announced that they would not be able to conclude negotiations on a free trade agreement within the current deadlines for the Trade Promotion Authority, but that both sides remained committed to concluding negotiations on a free trade agreement at a later date. No further negotiations on a free trade agreement have taken place. The GCC (including the United Arab Emirates) also signed a free trade agreement with the EFTA countries (Switzerland, Norway, Iceland and Liechtenstein) in 2009.
This free trade agreement mainly concerns trade in goods and services, electronic commerce, competition law, intellectual property, participation in government procurement and dispute settlement. The list of advantages offered by this free trade agreement includes: exemption from customs duties for all industrial products, fish and marine products exported to the EFTA countries, exemption from customs duties for the goods most frequently imported into the United Arab Emirates from the EFTA countries, reciprocal exemptions for processed agricultural products, the national treatment of Member States` service providers, as well as the strengthening of cooperation and exchange of information. in e-commerce. The UAE is a party to several multilateral and bilateral trade agreements, including with GCC partner countries. Under the GCC, the UAE has close economic ties with Saudi Arabia, Kuwait, Bahrain and Oman, which means that the UAE shares a common market and customs union with these countries. Under the Agreement on the Enlarged Arab Free Trade Area (GAFTA), the United Arab Emirates has free access to Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Saudi Arabia, Tunisia, Palestine, Syria, Libya and Yemen The United States is seeking to conclude a bilateral free trade agreement with the United Arab Emirates in order to conclude a comprehensive free trade agreement between the United States and the Middle East by 2013. According to the Federal Customs Authority of the United Arab Emirates (FCA), the United Arab Emirates has also signed agreements with the following countries: Islamic Republic of Pakistan (2006), Republic of Algeria (2007), Republic of Azerbaijan (2011), Republic of India (2012), Republic of Kazakhstan (2012), Republic of Argentina (2013), Republic of Armenia (2013), Republic of Maldives (2014), Republic of South Korea (2015) and Kingdom of the Netherlands (2015). In June 2009, the GCC signed a free trade agreement with the European Free Trade Association (ETFA) (Iceland, Liechtenstein, Norway and Switzerland), which was implemented in July 2015. 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) and aims to eliminate tariffs on computer products. The many properties covered by the contract are worth 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.
The UAE has signed free trade agreements with several countries and trade groups around the world to strengthen its position as a global trading hub and major destination for investment. It also aims to increase EMIRATI exports, improve competitiveness in foreign markets, regulate competition, reduce barriers to trade in domestic products, increase overseas investment and protect intellectual property rights. It also includes customs barriers, trade services, investment, intellectual property rights, dispute settlement, investment in manufacturing, and protection of property rights to prevent trade in counterfeit goods. The UAE has signed free trade agreements with many GCC countries, including New Zealand, Singapore and EFTA countries. Negotiations are currently under way with several countries and trade groups, including the European Union, Japan, China, Korea, Australia, Pakistan, India, Turkey and the Mercosur member States (Argentina, Brazil, Paraguay and Uruguay). The United Arab Emirates is the 3rd largest trading partner with India. The United Arab Emirates is the 9th largest investor in India in terms of foreign direct investment. This is due to the various agreements between the commercial parties as well as the investment of UAE companies in the Indian market. In addition, the UNITED Arab Emirates has signed free trade agreements with Singapore (through the GCC agreement with the nation) and New Zealand, and has held talks on the establishment of similar agreements with the European Union, Japan, Australia, South Korea, India, Brazil, China, Argentina, Pakistan, Paraguay, Turkey and Uruguay.