Uae Regional Trade Agreements
In addition, the United Arab Emirates has signed free trade agreements with Singapore and New Zealand (through the CCG agreement) and New Zealand and has begun discussions for 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 investment and the prevention of double taxation. Status: Negotiations ended in October 2009. We continue to receive positive signals about the willingness of the Gulf Cooperation Council (GCC), including Saudi Arabia, to resume the process of finalizing the NZ/CCG free trade agreement. However, some steps still need to be taken by the GCC before they can do so, and officials are continuing their discussions with GCC countries on this issue. The current regional dynamics have also had an impact on the ability of GCC countries to make a common decision. As a result, it is unlikely that the free trade agreement will be concluded until this impasse is resolved. The United Arab Emirates also signs the World Trade Organization(WTO) Information Technology Agreement (ITA), a treaty that binds 78 countries (which account for 97% of world trade in computer products), which aims to eliminate tariffs on computer products. The many products covered by the treaty are estimated at more than $1.300 billion per year. The Government of Abu Dhabi has established the Advisory Committee on Free Trade Agreements, which aims to lift trade restrictions between the Emirate of Abu Dhabi and the countries with which the United Arab Emirates is negotiating a free trade agreement.
It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. The United States began negotiating a free trade agreement with the United Arab Emirates in March 2005. In early 2007, the United States and the United Arab Emirates announced that they could not conclude free trade negotiations within the timeframes for the trade promotion authority, but that both sides would continue to work towards the subsequent conclusion of free trade negotiations. There have been no further negotiations for a free trade agreement. In recent years, the United Arab Emirates has signed bilateral agreements with the following countries: GCC countries are also motivated to reduce their dependence on oil and diversify their economies into the high-tech and services sectors. The New Zealand government, service sector companies and service providers have great potential to work with GCC countries to achieve this goal. Dubai is the main regional export centre and has become the third largest export centre in the world after Hong Kong and Singapore. The main sectors of this flourishing trade, which has provided the United Arab Emirates with the first place among GCC countries for export, are electronics, electrical equipment, precious metals and stones.
According to the Federal Customs Authority (FCA), the United Arab Emirates has also signed agreements with the following countries: Islamic Republic of Pakistan (2006), Algerian Republic (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 Area (ETFA) (Iceland, Liechtenstein, Norway and Switzerland), which was implemented in July 2015. The GCC is New Zealand`s eighth largest trading partner (the main markets being the United Arab Emirates and Saudi Arabia). In 2017, New Zealand`s exports of goods and services to the GCCs totaled $1.98 billion, and total trade in both lanes was $4.66 billion.