Arab Trade Agreement

Written by: saadmin

The Arab League has a long history of trying to promote trade and economic cooperation between its member states, with several initiatives taken in the 1950s and 1960s. In 1981, an agreement was signed to facilitate and promote inter-arabian trade, but it had little effect. 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. In 2012, the United Arab Emirates, as members of the Gulf Cooperation Council (GCC), became parties to the framework agreement between the United States and the GCC on trade, economy, investment and technical cooperation. In 2014, the United Arab Emirates ratified the agreement by Federal Decree 86. Since 2012, the United States and the United Arab Emirates have organized several iterations of the economic policy dialogue between the United States and the United Arab Emirates, which provides a platform to cooperate on economic issues and irritate bilateral trade relations. 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. In February 1997, the League decided to create, by 2008, an Arab free trade area, also known as the Arab Arabia Free Trade Area or the Pan-Arab Free Trade Area.

This would be achieved through a 10% annual reduction in tariffs and the phasing out of trade barriers. 18 of the 22 Arab League states signed the agreement, which came into force on 1 January 1998. The Council of Arab Economic Unity (CAEU) was established on 30 May 1964 by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Palestine, Saudi Arabia, Sudan, Tunisia, Syria, the United Arab Emirates and Yemen. [1] The Agadir Agreement establishing a free trade area between the Mediterranean Arab countries was signed on 25 February 2004 in Rabat, Morocco. [3] The agreement aimed to establish free trade between Jordan, Tunisia, Egypt and Morocco, considered the first possible step in the creation of the Euro-Mediterranean Free Trade Area, as envisaged in the Barcelona process. [4] The United Arab Emirates is a party to several multilateral and bilateral trade agreements, including with GCC partner countries. Under the GCC, the United Arab Emirates enjoys close economic relations with Saudi Arabia, Kuwait, Bahrain and Oman, which means that the United Arab Emirates shares a common market and customs union with these nations. Under the Agreement on the Large Arab Free Trade Area (GAFTA), the United Arab Emirates has free access to Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Tunisia, Palestine, Syria, Libya and Yemen. In addition, industrial integration between the countries of the Arab Mediterranean will be improved by the implementation of the pan-Euro-Mediterranean rules of origin and by the application of the principle of origin.

This will increase Member States` export capacity to the EU market and increase the attractiveness of foreign and European direct investment. The creation of this region supports the Arab business environment and the intra-Arab Arab trade movement, thus expanding the possibilities for integration between Arab markets.

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