U.S., U.A.E. sign trade and investment framework agreement
The Bush administration has signed a trade and investment framework agreement with the United Arab Emirates.
The agreement, concluded Monday, creates a joint council to consider a wide range of commercial issues and lay out the basic principles for trade and investment relations between the countries. The goal of the agreement is to strengthen bilateral trade between the countries.
In 2003, the United States exported $3.5 billion of goods to the U.A.E., including machinery, planes, vehicles, optical and medical instruments, live animals and tree nuts. That same year, the United States imported $1.1 billion worth of goods from the U.A.E., including mineral fuel and apparel.
In May 2003, President Bush announced his attention to develop a Middle East Free Trade Area by 2013.