Trade policy review by United Arab Emirates
June 1, 2016
Trade Policy review, an examination of the evolution of trade, investment and development policies in the country; have attributed diversification of the economy that has helped it sustain Global Financial Crisis of 2008, and also the drop in oil prices since 2014. This is clear from the fact that recent growth was due to non-oil sectors, such as, construction, retail and wholesale trade, tourism and manufacturing. And this diversification has to continue through the development strategy set out in Vision 2021.
- Binding of all tariff lines
- Application of the GCC common external tariff, that is all applied tariffs are nearly 0 or 5%.
- Acceptance of Trade Facilitation Agreement on 18 April.
- Members highlighted concerns about import procedures and requirements, such as the regulatory requirements for imports, border inspection procedures and clearance systems, SPS and TBT requirements, and consularization of import documents.
- Need to increase UAE’s involvement in WTO’s plurilateral agreements.
- Joining the expanded Information Technology Agreement.
- Need to liberalize investment regime.
- Stress on importance of free zones and specialized economic zones to help in development of the economy.