SHARJAH, 13 February 2005 — Negotiations between the UAE and the US on a free trade accord will be held in Abu Dhabi in March, with the UAE hoping that the establishment of a free trade zone with the US will serve as a new gateway to a much better position for itself at the regional level and, a senior official said on Friday. Minister of State for Finance and Industry Dr. Mohammed Khalfan ibn Kharabash said in a statement that the free trade agreement would allow the national economy access to the biggest consumer’s and fastest growing market in the world and this would increase trade opportunities and bolster national production and exports.
“The signing of such agreements with the world’s most powerful economy underlines the economic position held by the UAE over the past years and will contribute to attracting foreign investments from all over the world,” said Kharbash in the statement, carried by the official WAM news agency. The UAE’s Cabinet has set up a negotiation council to oversee the negotiations with the US.
Kharbash said under the Cabinet resolution special negotiation teams would be formed to deal with all sectors, namely teams for intellectual property, customs, standardization and metrology, market penetration, services, agriculture, labor, environment, textiles, government purchases, communications, e-commerce, investment and financial services (banking and insurance).