Posted on 04/27/2006 11:17:09 AM PDT by 1rudeboy
ABU DHABI: Free trade talks between the UAE and the United States, which were postponed amid a row over the operation of American ports by a Dubai company, will resume in May, an official said yesterday.
"Talks between the UAE and the US will take place in Abu Dhabi between May 9 and 11 to continue free trade negotiations," the official Wam news agency quoted state minister for financial and industrial affairs Mohammad Khalfan bin Kharbash as saying.
He said the two sides were keen to "push the negotiations towards an agreement that serves the interests of the two countries."
The talks were postponed in early March, although UAE officials said the move had nothing to do with the ports controversy.
Dubai-owned DP World, which had won the rights to operate six US ports through a multi-billion-dollar takeover of British company P and O, agreed to relinquish its rights due to a fierce Congressional opposition to the deal.
The move spared US President George W Bush, who backed the DPW deal, a showdown with Congress which opposed it on security grounds.
UAE central bank governor Sultan bin Nasser Al Suwaidi had rebuked those in the United States who opposed the deal for mixing politics with business and warned that it would affect trade and investment relations between both countries.
The US is eager to boost trade ties with the UAE, which currently has stronger business with Asia and Europe. Analysts say Washington wants more of the liquidity the UAE is enjoying from high oil prices to make its way back to the US economy to buy goods and services.
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