The U.S.–MEFTA initiative started in 2003 with the purpose of creating a U.S.–Middle East

Free Trade Area A free-trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and ...

by 2013. The U.S. objective with this initiative has been to gradually increase trade and investment in the

Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabia (including the Arabian Peninsula and Bahrain), Asia Minor (Asian part of Turkey except Hatay Province), East Thrace (Europ ...

, and to assist the Middle East countries in implementing domestic reforms, instituting the rule of law, protecting

private property rights Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Re ...

(including intellectual property), and creating a foundation for openness, economic growth, and prosperity. Among the stated objectives are: MEFTA 15112004

*Actively supporting

WTO The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and e ...

membership of countries in the

and Maghreb *Expanding the

Generalized System of Preferences The Generalized System of Preferences, or GSP, is a preferential tariff system which provides tariff reduction on various products. The concept of GSP is very different from the concept of " most favored nation" (MFN). MFN status provides equal tre ...

s that currently provides duty-free entry to the U.S. market for some 3,500 products from 140 developing economies *Negotiating

Trade and Investment Framework Agreement A Trade and Investment Framework Agreement (TIFA) is a trade pact that establishes a framework for expanding trade and resolving outstanding disputes between countries. TIFAs are often seen as an important step towards establishing Free Trade ...

s that establish a framework for expanding trade and resolving outstanding disputes *Negotiating bilateral investment treaties with interested countries by obligating governments to treat foreign investors fairly and offering legal protection equal to domestic investors *Negotiating comprehensive

free trade agreement A free-trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occ ...

s with willing countries that demonstrate a commitment to economic openness and reform *Helping to target more than $1 billion of annual U.S. funding and spur partnerships with private organizations and businesses that support trade and development

Active agreements

US agreements

The United States currently has several bilateral free trade agreements with nations in the region. *

Bahrain–United States Free Trade Agreement The United States–Bahrain Free Trade Agreement (USBFTA) is a free trade agreement (FTA) between the United States and Bahrain, signed on September 14, 2004. It was ratified by the United States House of Representatives on December 7, 2005, by 327 ...

* Israel–United States Free Trade Agreement *

Jordan–United States Free Trade Agreement The United States–Jordan Free Trade Agreement is the first free trade agreement (FTA) between the United States and an Arab country (and the United States' fourth FTA overall behind Israel, Canada, and Mexico). It is Jordan's second free trade ...

* Morocco–United States Free Trade Agreement * Oman–United States Free Trade Agreement

Middle Eastern agreements

Additionally many potential MEFTA states are already members of the multilateral Greater Arab Free Trade Area. * * * * * * * * * * * * * * * * * * Other states are members of the multilateral

Arab Maghreb Union The Arab Maghreb Union (AMU) or simply the Maghreb Union (MU) ( ar, اتحاد المغرب العربي ', french: Union du Maghreb Arabe) is a political union and economic union trade agreement aiming for economic and future political unity am ...

. * * * * * The following, expected to constitute MEFTA,Staff,
Middle East Free Trade Area: Progress Report
,

Congressional Research Service The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a ...

, 1 June 2006 are not members of existing Middle Eastern agreements: * * *

References

External links

Official site
{{DEFAULTSORT:U.S.-Middle East Free Trade Area Proposed free trade agreements MEFTA

Active agreements

US agreements

Middle Eastern agreements

See also

References

External links