News
7x24
Quotes
Economics Calendar
Video
Data
- Names
- Latest
- Prev.
Columns
Trending Topics
Russia-Ukraine Conflict
The war between Russia and Ukraine continues, and it is difficult for the two sides to reach an agreement in negotiations. Western countries have imposed several rounds of sanctions on Russia. The outlook is unpredictable.
The Fed
The Federal Reserve (Fed), or the central bank of the United States, is responsible for regulating the U.S. monetary policy and interest rates. As a provider of liquidity for world trade, the Fed is also known as the world's central bank. Its every move affects the global economy and financial markets.
China-U.S. Relations
Focus on Pelosi's Taiwan Visit ! How will China-U.S. relations develop in the future, win-win cooperation or confrontation?
FastBull Spotlights
Pick the most insightful news around the world for you!
Video
Latest Update
Full Course: Beginner’s Guide to Develop a Robust Deep-Learning Ai for Stock or Crypto Trading
This is the Guide on how to Develop a Robust Deep-Learning Ai for cryptocurrency investing for beginners, explaining the use of recurrent neural networks (RNN) for price changes and a linear layer for technical indicators, and presents a code snippet for building the AI model using PyTorch.
How to customize your own indicators and get over 2x of your asset returns?
An example of a customized indicator strategy that significantly increased BTC returns during a long bullish trend is presented, want to know the backtest results and codes of the strategy?
PEPE Has Surged Over 7000% Max In 1-Month! Buy It or Sell It?
PEPEcoin gained over 7000% in 1-month and surged to over 1.6 billion dollar market cap. Is there still a chance to buy from the technical indicators?
Supertrend Makes 4x of Gain! How to Use It? How to Code and Calculate?
An author shared the SuperTrend strategy Python code for TradingView. So I decided to give it a try, breaking it down step by step and running some tests to see if it really works.
Recent Searches
Trending Searches
View All
No data
Invite
UAE Steps up Pace of Solo Trade Deals in Regional Economic Race
Summary:
UAE agrees 4 bilateral trade deals, talks for more. FTA negotiations with GCC can take years. Economic competition heating up among Gulf states.
The United Arab Emirates is increasingly pursuing bilateral trade deals outside of the Saudi-headquartered regional Gulf Cooperation Council (GCC), as competition with Riyadh intensifies for economic dominance in the oil-rich region.
Since 2021, the UAE has initiated a raft of trade, investment and cooperation deals on its own - called Comprehensive Economic Partnership Agreements (CEPAs) - bypassing the GCC, a customs union, common market and negotiating bloc.
Abu Dhabi and Riyadh are both accelerating their post-oil economy plans to reduce their dependence on fossil fuels, but the UAE has first mover advantage over its bigger neighbour as the Middle East's existing business and tourism hub. Building on its existing trade infrastructure, it now wants to become a global supply chain leader.
The GCC has concurrently stepped up its game, holding new rounds of Free Trade Agreement (FTA) talks with major trading partners including China, South Korea, and post-Brexit Britain. The GCC Secretariat also appointed a lead trade negotiator in 2022.
Gulf affairs specialist at Waseda University, Abdullah Baabood, said the UAE's unilateral trade push indicates some members are not necessarily happy with the way the GCC handles FTA negotiations.
"There is now increasing competition between Saudi and UAE especially in economic terms. The UAE... wants to be freer in terms of its negotiations of FTAs and it wants to be ahead of everybody," Baabood said.
The Saudi government, the UAE foreign ministry, and GCC officials did not respond to requests for comment.
When asked about competition with the UAE, Saudi Investment Minister Khalid al-Falih on Tuesday told a conference: "Within the GCC we see ourselves as a common market... but the combination of size, vision and quality matters, and Riyadh has all of the above and more."
Priorities
Negotiating bilaterally, the UAE can advance its economic and political priorities faster.
From previous political foes Israel and Turkey, to Asian giants India and Indonesia, the UAE has so far signed four CEPAs and says it negotiates traditionally laborious trade deals in an average of six months.
Few GCC FTAs have been signed and negotiations, such as talks with China which began in 2004, can languish for years as the bloc navigates competing internal priorities and simmering political feuds.
Some previous Saudi moves have also been seen as direct challenges to the UAE, such as telling foreign firms in 2021 to set up regional headquarters in the kingdom or risk losing government contracts.
In 2021, Riyadh unilaterally changed import rules from GCC countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, despite the customs union.
For the UAE, which has its primary security ties with the West, Asia is a particular focus of the CEPA strategy. Talks with Malaysia and Thailand were announced this month.
UAE non-oil foreign trade hit 2.2 trillion dirhams ($599 billion) in 2022, up 17% year-on-year, with re-exports up 21% over 2021, and exports up over 50% from pre-pandemic 2019, government data shows.
The CEPA with India, one of the UAE's biggest trading partners, reduced or eliminated tariffs on more than 80% of products, and foresees trade hitting $100 billion within five years.
Bilateral non-oil trade in the 11 months since the CEPA's implementation in May 2022 was $45.5 billion, up 6.9% year on year, UAE Foreign Trade Minister Thani al-Zeyoudi has said.
The UAE and India are very close to agreeing to the settlement of some non-oil commodity trade in rupees, two sources told Reuters.
Dubai-based economist Nasser Saidi said CEPAs could be a "stepping stone" into financial markets, facilitating company cross-listings, and cooperation in new sectors such as clean energy. "They signal a decision to engage on a wider diplomatic front."
UAE Limits
The UAE has more than 10 CEPAs in the works, but some major partners like China, Britain and South Korea prefer FTA talks with the six-member GCC which has a population of 56 million and in 2021 said it had a combined GDP of $1.6 trillion.
"Negotiating a GCC-wide FTA could make it easier...to operate between jurisdictions within the GCC and may facilitate broader geopolitical aims of encouraging greater economic integration within the Middle East," Freddie Neve of Asia House said.
Relations between Saudi Arabia, under Crown Prince Mohammed bin Salman, and China have strengthened in recent years, giving new momentum to China-GCC FTA negotiations and bilateral investments.
Some analysts see a GCC-China FTA being finalised in 2024.
South Korea was one of the first countries to launch CEPA talks. Three months later however it restarted dormant GCC FTA talks.
"We ask the individual countries to choose the track they are comfortable negotiating in," UAE minister Zeyoudi told Reuters.
There is regional precedent: Bahrain and Oman signed bilateral FTAs with the United States in 2006 and 2009.
The British Embassy in Dubai, however, said Britain was committed to a GCC FTA with "the greatest economic and strategic value for both sides".
Zeyoudi said while CEPA agreements should be consistent with the GCC customs union, individual countries can go bilateral if terms are less favourable than with the GCC bloc.
The GCC declined to comment.
Source: Reuters
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
Quick Access to 7x24
Quick Access to More Editor-selected Real-time News
Exclusive video for free
FastBull project team is dedicated to create exclusive videos
Real-time Quotes
View more faster market quotes
More comprehensive macro data and economic indicators
Members have access to entire historical data, guests can only view the last 4 years
Member-only Database
Comprehensive forex, commodity, and equity market data
- Economics Calendar
- Events
- Holiday
BANKS ACT (%) PREV (%) CPI (%)
SYMBOL
LONG SHORT
English
English
العربية
繁體中文
简体中文
Bahasa Melayu
Bahasa Indonesia
ภาษาไทย
Tiếng Việt
Copyright © 2023 FastBull Ltd
Home News Columns 7x24 Economics Calendar Quotes Video Data WarehouseAnalysis AI Signal Pro User Agreement Privacy Policy About Us
Risk Disclosure
The risk of loss in trading financial assets such as stocks, FX, commodities, futures, bonds, ETFs or crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No consideration to invest should be made without thoroughly conduct your own due diligence, or consult with your financial advisors. Our web content might not suit you, since we have not known your financial condition and investment needs. It is possible that our financial information might have latency or contains inaccuracy, so you should be fully responsible for any of your transactions and investment decisions. The company will not be responsible for your capital lost.
Without getting the permission from the website, you are not allow to copy the website graphics, texts, or trade marks. Intellectual property rights in the content or data incorporated into this website belongs to its providers and exchange merchants.