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Thursday, April 25, 2024

UAE signs Arab service trade liberalisation agreement

(Cairo) – The UAE signed a service trade liberalisation agreement at the Arab League’s premises in the Egyptian capital.

The agreement, signed on behalf of Sultan bin Saeed Al Mansouri, Minister of Economy, by UAE Ambassador to Egypt, Jumaa Mubarak Al-Junaibi, who is also the country’s Permanent Representative to the Arab League, is conducive to establishing a trade-friendly environment across the Arab nation and promoting the joint Arab economic integration project, while considering the respective development conditions of each signatory to the agreement.

The UAE ambassador signed the agreement under an authorisation issued by the UAE Ministry of Foreign Affairs and International Cooperation following the UAE Cabinet Resolution No 9/10 of 2018 that sanctions the signing of the agreement, including its appendices and commitment tables.

The agreement comes in implementation of a resolution issued by the Arab Summit in Beirut in March 2002 which convened in the presence of nine Arab countries and approved the launch of negotiations on liberalising service trade. The participating countries included UAE, Saudi Arabia, Oman, Morocco, Lebanon and Egypt and they were joined later by Jordan.

The agreement, which will come into force in three months after the date of placing the documents of endorsement by the signatories, is a step forward on the path of supporting the service sector in the UAE, which accounts for circa 50 percent of the GDP.

It is also conducive to boosting the sector’s competitiveness, primarily in the fields of telecommunications, construction, ports management and tourism.

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