UAE Development Research Paper

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UAE

Regional trade agreements

Tourism in the United Arab Emirates and free trade

In a manner that is unusual for an oil-rich state, the United Arab Emirates has pursued a vigorous free trade policy in an attempt to diversify its economy. "Rapid growth in the nonoil economy reduced oil's share of GDP from 60% in 1980 to 35.8% in nominal terms in 2007" in part thanks to its embrace of free trade ("UAE," 2013). At present, less than half of its export value comes from petroleum-related products ("UAE trade policy," 2014). The UAE's economic policy has been judged by outside, objective authorities to be liberal and open to trade. For example, the WTO reports "the UAE's tariff of 5% was significantly lower than the maximum tariff of 15% that can be charged under international trade regulations" ("UAE trade policy," 2014). Tourism has also been one of the cornerstones of the UAE's diversification program along with a general openness to international business.

Liberalized attitudes regarding trade have improved the UAE's relationship with the west and created a healthier and more vigorous business environment within the nation.

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For example, "the U.S. And UAE entered into a Trade and Investment Framework Agreement (TIFA) in 2004, which established a formal dialogue to promote increased trade and investment between the two countries" and the United Arab Emirates is currently the U.S.'s 30th largest goods trading partner ("UAE," 2013). The TIFA is not a formal trade agreement but is designed to promote goodwill and dialogue between these important trading partners. There is also a U.S.-UAE Economic Policy Dialog that meets twice a year: "The EPD will serve as an umbrella for a number of new and ongoing initiatives that are aimed at deepening economic and commercial ties between the UAE and the U.S. Topics on the agenda included ways to streamline the visa process for UAE business people visiting the U.S.; the elimination of non-tariff trade barriers; the facilitation of direct investments in the economies of both countries; as well as economic developments in the Middle East" ("UAE trade policy," 2014).

Above all, the UAE continues to foster good relations with the West due to the desire to bolster its reputation as a tourist desti "In.....

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