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Ohad Cohen, director of the Israel Foreign Trade Administration 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. Tariffs cut to increase trade volume DUBAI, Nov 17 (Reuters) – Free trade talks between the United Arab Emirates and India and Indonesia are progressing well, the Gulf state`s trade minister said on Wednesday, a day after similar talks with Israel began. The United Arab Emirates, together with the GCC countries (i.e. the Gulf Cooperation Council countries, including Qatar, Oman, Kuwait, Bahrain and Saudi Arabia), signed an economic agreement on 31 December 2001, which was subsequently implemented on 1 January 2003. The agreement focuses mainly on trade, economic and monetary unification, transport, the adoption of complementary economic and development policies among the GCC countries and, above all, the promotion of a Common Gulf Market. In this regard, the GCC Agreement provides for a number of disciplines that contribute to improving the competitiveness of GCC member States in international markets, such as. B, the adoption of complementary economic and development policies, a single customs tariff for non-GCC countries and uniform customs rules and procedures, as well as the standardization of import and export procedures. In this article, we will highlight some of the most important trade agreements signed by the UAE to highlight the benefits that investors can derive from the UAE`s international market. The United Arab Emirates (UAE) is a federation of seven states founded in 1971 and one of the most important economic centers in the Middle East. The oil industry has attracted a significant influx of foreign workers who, along with expatriates, now make up more than three-quarters of the population. Containers carrying goods from the United Arab Emirates entering Israel on an MSC cargo ship will be unloaded on October 12, 2020 at the port of Haifa in northern Israel with an Israeli and Emirati flag cargo crane.
REUTERS/Amir Cohen According to the FEDERAL Customs Authority (FCA) of the United Arab Emirates, 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 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 of 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, national treatment for Member States` service providers and strengthening cooperation and exchange of information in electronic commerce. The UAE continuously invests in improving its trade relations with the various economies of the world on the basis of mutual benefits and strategic partnerships. The UAE is currently negotiating trade agreements with countries and regions such as the US, Japan, China, South Korea, the EU, Australia and Turkey. The successful conclusion of these trade agreements will further strengthen economic ties between the UAE and other economies and help promote the level of foreign investment in the UAE economy. 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.
The UAE has signed free trade agreements with several countries and trade groups around the world to strengthen its position as a global trade hub and a major destination for investment. It also aims to increase UAE 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 sectors, 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). Dubai is the most important regional export center and has become the third largest export center in the world after Hong Kong and Singapore. The main sectors of this flourishing trade, which have secured the UAE`s first place among the GCC countries in terms of exports, are electronics, electrical equipment, precious metals and stones, respectively. The United Arab Emirates said in September it would seek economic deals with eight countries — India, Britain, South Korea, Ethiopia, Indonesia, Israel, Kenya and Turkey — to recover from the pandemic and face growing economic competition from Gulf neighbor Saudi Arabia.
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