"The FTA will enhance UAE economic position in the United States by concentrating on commodities and services sectors-banking, financial services, insurance, and by increasing foreign investments and developing human resources and attracting global expertise," said Dr Mohammed Khalfan bin Kharbash while talking to reporters ahead of the landmark first round of negotiations beginning in the capital.

He said that 15 different teams of negotiators comprising senior government officials from the UAE side will take part in the negotiations which will cover topics like agriculture, textiles, banking, insurance, e-commerce and communications, government purchases, investments, intellectual property rights, labour, environment, legal issues, country of origin regulations, and customs administration.

During the last one month, he said, that consultation and dialogue process was initiated with the private sector particularly in the services and industrial sectors to know their concerns and apprehensions.

He said that the agenda of negotiations is clearly aimed at making the agreement comprehensive and beneficial for the stakeholders.

The Minister said that the FTA will be beneficial to the UAE, which needs technology, and access to market for trade, goods and above all benefiting the growth of  the service sector which is growing at a fast rate.

About some concerns on the future of GCC Customs Union which is still under discussion, he said that it is an on-going process and still many technical  issues need to be sorted out for which the UAE has already proposed some solutions.

He said that issue relating to border Customs Posts which will collect custom duties could not be decided yet on which there were some differences of opinion among AGCC member nations. He said that the regional economic bloc is devising its mechanisms on the principles of common law, border, customs tariffs, and national treatment to goods and services of the member nations. He said that still GCC has to agree on rules of origin and distribution of customs revenues collected.  

On the FTA, he said that both the governments are committed to make it successful. " It will strength the bilateral political and economic relations between both countries and result in increase of bilateral trade and common interests", he said.

Dr Mohammed Khalfan bin Kharbash said that the FTA will be a step forward towards regional and global economic Integration. It will help upgrade UAE economic competitiveness, encourage foreign direct investment and help forging alliances for transfer of technology. He said that it will increase manifold UAE exports to international markets.