FTA negotiation council gears up for upcoming US discussions

The meeting with the council's sub-teams was co-chaired by H.E. Dr. Mohamed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry and H.E Shaikha Lubna Al Qassimi, Minister of Economy and Planning.

"The aim of this meeting was to unify the UAE's position on various trade-related matters for the forthcoming rounds of negotiations with the US," said Dr. Khirbash. "The UAE's position on these matters has come about as a direct result of discussions held between the negotiation sub-teams and both the public and the private sectors."

Dr. Khirbash noted that all the recommendations of both the public and private sectors and the consultants appointed to support the UAE negotiating initiative were put forward at the meeting, ensuring that all sectors affected by the agreement were properly heard.

Dr. Khirbash stressed that the council's sub-teams will hold intensive meetings and negotiations with other sectors in the country after the end of the first round of negotiations with the US, where they will be able to discuss the outcome and express their opinions.

"The signing of the Free Trade Agreement has turned to be an essential step for those aiming at expanding their markets. The FTA with the US will enable UAE to compete in international markets and benefit from the transfer of modern technology and expertise that support the improvement of our services and products," said Shaikha Lubna.

She commented: "Thanks to our open economic policy, the UAE has been able to attract huge investments and international companies to operate within our shores. We work relentlessly to develop the investment environment to make the UAE the first choice for investors from around the world."

She added that the economic partnership with the US is based on many years of strong bilateral relations, during which both countries developed an interest to expand their bilateral trade relations. The FTA is a natural development of these relations.

The free trade agreement with the US will grant the UAE access to the largest consumer market in the world. This will not only encourage bilateral trade and economic relations, but will also impact positively on UAE production and exports. The UAE and US have preceded the FTA negotiations with a Trade and Investment Frame Work Agreement, which was ratified in April 2004 by the UAE cabinet.