Under the GCC Inter-GCC Free Trade Agreement, bilateral trade agreements with other countries have been cancelled, with all future agreements to be concluded under a GCC mandate. Trade relations between the EU and the UAE are already strong, but a free trade agreement would simplify procedures and reduce business costs. But is it likely that a free trade agreement will actually be concluded, given the GCC`s current internal divisions – over Qatar – and its weak record of actually ratifying these agreements? In addition, what are the benefits for both parties? The European Union negotiates free trade agreements on behalf of all its member states, with member states having granted the EU “exclusive competence” to conclude trade agreements. Nevertheless, the governments of the Member States monitor each stage of the process (through the Council of the European Union, whose members are national ministers of each national government). The European Union has concluded free trade agreements (FTAs) with many countries of the world and others with a trade component and negotiates with many others.  The UAE is a party to several multilateral and bilateral trade agreements, including with GCC partner countries. Under the GCC, the UAE has strong economic relations with Saudi Arabia, Kuwait, Bahrain and Oman, which means that the UAE shares a common market and customs union with these nations. Under the Agreement on the Enlarged Arab Free Trade Area (GAFTA), the United Arab Emirates has access to free trade with Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Saudi Arabia, Tunisia, Palestine, Syria, Libya and Yemen In 2012, the United Arab Emirates as members of the Gulf Cooperation Council (GCC) were parties to the Framework Agreement on Trade between the United States and the GCC. Economic, investment and technical cooperation. In 2014, the United Arab Emirates ratified this agreement by Federal Decision No. 86.
Since 2012, the United States and the United Arab Emirates have held several iterations of the economic dialogue between the United States and the United Arab Emirates, which provides a platform for economic cooperation and countering the irritation of bilateral trade relations. The coloring of a free trade agreement would make headlines for Downing Street, with bilateral trade worth $60.1 billion in 2019, more than with India and Canada. In 2004, the United States signed a Trade and Investment Framework Agreement (TIFA) with the United Arab Emirates (United Arab Emirates) to create a formal framework for dialogue on economic reform and trade liberalization. TTIFA promotes the introduction of legal protection for investors, improved protection of intellectual property rights, more transparent and efficient customs procedures, and greater transparency of national and trade regulations. This process allows the U.S. government to identify potential partners for further trade cooperation, such as for example. Β Free Trade Agreements (FTA). If an agreement is reached, the UK hopes that, in the case of the EU, it will last no more than 20 years, but will reflect the free trade agreement between Singapore and the GCC, which lasted 15 months. The free trade agreement within the GCC, which was piled up in 2014, has also been undermined by the dispute with Qatar, with no trade taking place between Qatar and the main accomplices in the blockade, Saudi Arabia, the United Arab Emirates and Bahrain.