The fourth round of free trade agreement (FTA) negotiations between the UAE and the United States began on Monday in London, with teams from both countries focusing on rules of origin, customs, telecommunications, e-trade and textiles.
In addition, government procurement, banking and insurance, intellectual property rights and insurance were also on the agenda.
Leading the UAE delegation was UAE Minister of State for Finance and Industry, Dr. Mohamed Khalfan bin Khirbash, who also serves as chairman of the negotiation council.
Alongside Khirbash is UAE Minister of Economy and Planning, Shaikha Lubna Al Qasimi, co-chair of the negotiation council.
Current FTA negotiations were preceded by a Trade and Investment Frame Work Agreement, ratified by the UAE Federal cabinet in April 2004.
“There has been good progress on the negotiations during the last three rounds of talks and in continuing contacts between the delegations," stated Khirbash, according to the Bahrain Tribune.
“Both negotiating teams have studied the agreement and its appendices and have shared information about regulatory structures, investment and trade environments in both countries. We have reached a common ground in some areas of the agreement mainly environment, standardization, agriculture, and labor. We are expecting the market access teams to exchange the final proposals about customs exemption in both countries,” he added.
The proposed agreement is expected to significantly strengthen the UAE's standing as a region economic power, allowing it access to one of the largest consumer markets in the world.
