UAE
Regional trade agreements
Tourism in the United Arab Emirates and free trade
In a manner that is unusual for an oil-rich state, the United Arab Emirates has pursued a vigorous free trade policy in an attempt to diversify its economy. "Rapid growth in the nonoil economy reduced oil's share of GDP from 60% in 1980 to 35.8% in nominal terms in 2007" in part thanks to its embrace of free trade ("UAE," 2013). At present, less than half of its export value comes from petroleum-related products ("UAE trade policy," 2014). The UAE's economic policy has been judged by outside, objective authorities to be liberal and open to trade. For example, the WTO reports "the UAE's tariff of 5% was significantly lower than the maximum tariff of 15% that can be charged under international trade regulations" ("UAE trade policy," 2014). Tourism has also been one of the cornerstones of the UAE's diversification program along with a general openness to international business.
Liberalized attitudes regarding trade have improved the UAE's relationship with the west and created a healthier and more vigorous business environment within the nation. For example,...
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