US eyes GCC trade, investment deal

The United States is exploring the development of a Trade and Investment Cooperation Agreement, or TICA, with the GCC nations including the UAE, as talks on a Free Trade Agreement has not been able to make any headway, a top US Commerce official said.

“Efforts are afoot to explore the development of a Trade and Investment Cooperation Agreement with the GCC as a whole,” said Michael C. Camunez, the US Assistant Secretary of Commerce for Market Access and Compliance or MAC, while speaking to reporters, on Wednesday in the capital.

After speaking at a luncheon in his honour hosted by AmCham Abu Dhabi, an organisation that looks after the interests of powerful US corporates in the capital, the US commerce official, who is on his first visit to the region said, “There are very important opportunities that are being explored. We continue to look at those options as well, deepening our bilateral engagement with the UAE.” He was responding to a question on what options are available for the GCC and the US in the sphere of trade, investment and commerce, in the wake of stalled talks on a free trade agreement.  The US official, who is visiting the UAE, after touring Saudi Arabia and Qatar, did not answer questions relating to a weakening US Dollar, Compliance on Iran sanctions and the dirham’s peg to the US currency.

 However, Camunez said that he did meet with representatives of Qatari Diyar, the sovereign wealth fund in Doha, “As the United States is interested in seeking SWF’s investments in infrastructure related projects in the region and encouraging them to invest into the US economy.”

 Asked what are the specific areas where his country seeks the UAE’s investment, Camunez said, “The US is the most open and liberal economy in the world, we think foreign direct investment is a net positive for the US.” He said the UAE’s investment in any sector of the economy will be welcomed.

 About his mission to the UAE, the assistant secretary said, “I am carrying the President Obama’s massage that the US is deeply interested in building on the strategic partnership and the relationship with the UAE and to discuss how we can help the UAE  in the pursuit of its domestic goals to build a world class infrastructure to create a knowledge based innovative economy and to collaborate on important issues like developing the international standards, the protection of intellectual property rights  and other policy issues  that will promote and advance trade and investment in both of our countries.”

The US official said that the UAE is a robust and thriving market. “It’s open for business and its good place to invest and do business.”

He said, “We want to see more US companies coming here. We want to send the message that the Middle East is a diverse place there are very important and stable market here. There are good business opportunities to grow both the US and the UAE economies.”