16 February 2005
The United Arab Emirates and the United States announced last week they would start negotiating a free trade pact next month, along the lines of Bahrain's agreement with Washington. "We're very pleased that we will early next month have a first round of talks on the possibility of a US free trade agreement with the United Arab Emirates", US Assistant Secretary of State for Economic and Business Affairs Anthony Wayne told reporters in Dubai. He was speaking after meeting UAE officials, including Sheikh Mohammad bin Rashed Al Maktoum, crown prince of Dubai and defense minister of the UAE, along with US Homeland Security advisor Frances Townsend, who had arrived from Riyadh after attending a conference on fighting terrorism.
The US official's remarks followed an announcement by the Emirati government that it would negotiate a free trade agreement with Washington.
"The cabinet approved a memorandum related to the formation of the state's negotiating council for the establishment of a free trade zone with the United States", said a statement carried by the official WAM news agency after the cabinet held its weekly session in the UAE capital, Abu Dhabi.
It said this was part of the measures being taken to start negotiations with Washington on the proposed zone.
Wayne said the first round of talks would be held in Abu Dhabi and similar talks would also start around the same time with Oman, but he did not give a specific date.
"We're looking to deepen our economic relations with all countries in the region, as they are ready to do that", he said.
The cabinet statement said the UAE negotiating team would be co-chaired by Minister of State for Financial and Industrial Affairs Mohammed Khalfan bin Kharbash and Economy and Planning Minister Sheikha Lubna Al Kassemi.
Wayne said the agreement "is a very good opportunity for both countries to deepen and expand something that is already a very strong relationship".
Asked when Washington hoped to conclude the pact with the UAE, he said: "We think that we have done some good preliminary work... and we of course had very serious discussions with government officials... I would not want to prejudge but of course we want to move forward as quickly and smartly as we can".
Within the framework of a free trade pact, "there is a lot of benefit that can come to the businesses in the United Arab Emirates and Oman, as well as of course the benefits to American companies", the US official said.
Saudi Arabia argues that such agreements hinder economic integration among Gulf Cooperation Council (GCC) member states.
The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
The United Arab Emirates and the United States announced last week they would start negotiating a free trade pact next month, along the lines of Bahrain's agreement with Washington. "We're very pleased that we will early next month have a first round of talks on the possibility of a US free trade agreement with the United Arab Emirates", US Assistant Secretary of State for Economic and Business Affairs Anthony Wayne told reporters in Dubai. He was speaking after meeting UAE officials, including Sheikh Mohammad bin Rashed Al Maktoum, crown prince of Dubai and defense minister of the UAE, along with US Homeland Security advisor Frances Townsend, who had arrived from Riyadh after attending a conference on fighting terrorism.
The US official's remarks followed an announcement by the Emirati government that it would negotiate a free trade agreement with Washington.
"The cabinet approved a memorandum related to the formation of the state's negotiating council for the establishment of a free trade zone with the United States", said a statement carried by the official WAM news agency after the cabinet held its weekly session in the UAE capital, Abu Dhabi.
It said this was part of the measures being taken to start negotiations with Washington on the proposed zone.
Wayne said the first round of talks would be held in Abu Dhabi and similar talks would also start around the same time with Oman, but he did not give a specific date.
"We're looking to deepen our economic relations with all countries in the region, as they are ready to do that", he said.
The cabinet statement said the UAE negotiating team would be co-chaired by Minister of State for Financial and Industrial Affairs Mohammed Khalfan bin Kharbash and Economy and Planning Minister Sheikha Lubna Al Kassemi.
Wayne said the agreement "is a very good opportunity for both countries to deepen and expand something that is already a very strong relationship".
Asked when Washington hoped to conclude the pact with the UAE, he said: "We think that we have done some good preliminary work... and we of course had very serious discussions with government officials... I would not want to prejudge but of course we want to move forward as quickly and smartly as we can".
Within the framework of a free trade pact, "there is a lot of benefit that can come to the businesses in the United Arab Emirates and Oman, as well as of course the benefits to American companies", the US official said.
Saudi Arabia argues that such agreements hinder economic integration among Gulf Cooperation Council (GCC) member states.
The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
© Monday Morning 2005
