Discussions began in 2005 after the signing of a framework agreement on trade and investment between the United States and the United Arab Emirates in 2004 and is expected to conclude in 2006. However, the Dubai Ports World scandal, which erupted in the United States in 2006, put all of this on hold and the process has not recovered since. In 2012, the United Arab Emirates, as members of the Gulf Cooperation Council (GCC), became parties to the framework agreement between the United States and the GCC on trade, economy, investment and technical cooperation. In 2014, the United Arab Emirates ratified the agreement by Federal Decree 86. Since 2012, the United States and the United Arab Emirates have organized several iterations of the economic policy dialogue between the United States and the United Arab Emirates, which provides a platform to cooperate on economic issues and irritate bilateral trade relations. The United Arab Emirates has been a member of the WTO since April 1996, you are a member of the Gulf Cooperation Council and the main shopping centre in the region. The United Arab Emirates benefits from the free trade agreements signed between the GCC and EFTA, as well as the GCC and Singapore. The United Arab Emirates is also a signatory to the Large-scale Free Trade Agreement (GAFTA). The United States signed a framework trade and investment agreement with the United Arab Emirates in 2004 to create a formal framework for dialogue on economic reforms and trade liberalization. TIFA encourages the creation of legal protection for investors, improved protection of intellectual property rights, more transparent and effective customs procedures, and greater transparency of government and trade rules. Through this process, the U.S.
government can identify potential partners for continued trade cooperation, such as free trade agreements (FAs). According to the Federal Customs Authority (FCA), the United Arab Emirates has also signed agreements with the following countries: Islamic Republic of Pakistan (2006), Algerian Republic (2007), Republic of Azerbaijan (2011), Republic of India (2012) Republic of Kazakhstan (2012), Republic of Argentina (2013), Republic of Armenia (2013), Republic of Maldives (2014), Republic of South Korea (2015) and Kingdom of the Netherlands (2015). In June 2009, the GCC signed a free trade agreement with the European Free Trade Area (ETFA) (Iceland, Liechtenstein, Norway and Switzerland), which was implemented in July 2015. Dubai is the main regional export centre and has become the third largest export centre in the world after Hong Kong and Singapore. The main sectors of this flourishing trade, which has provided the United Arab Emirates with the first place among GCC countries for export, are electronics, electrical equipment, precious metals and stones.