The United States wants to sign a trade agreement.
Prospects for GCC (Gulf Cooperation Council) are looking up as the US has its eyes set on signing a Trade and Investment Cooperation Agreement (TICA) with the nations included within the council’s auspices. The major nation this pact is being signed with is the United Arab Emirates. The Free Trade Agreement was not acceptable to the gulf states so this alternative was decided upon.
The effort is still in its preliminary stages and it will take some time before it achieves permanent status. Michael C. Camunez, the US Assistant Secretary of Commerce for Market Access and Compliance affirmed this before the press this Wednesday. He was quoted as saying that, “there are very important opportunities that are being explored.” He was also speaking on behalf of President Obama who wanted to build on the strategic partnership with the UAE.
The United States has a free market economy that has burgeoned on the tenets of capitalism. Whether it thrives on foreign investment deals is something only time will tell.