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National Foreign Trade Council Welcomes U.S.-UAE 123 Agreement
Date: 1/15/2009
Written By: Jennifer Cummings or Eric Thomas, The Fratelli Group for NFTC, 202-822-9491

Washington DC - The National Foreign Trade Council (NFTC) today applauded the signing of the U.S.-United Arab Emirates (UAE) 123 Civilian Nuclear Agreement, and congratulated the two nations for working together to achieve such an historic accomplishment. In response to todays signing, the Council released the following statement:

We welcome the signing of the U.S.-UAE 123 Agreement because it is a win-win for both countries and our bilateral relationship, said NFTC President Bill Reinsch. For the UAE, the Agreement will go a long way in helping the country to diversify its energy supply at a time when demand for energy is outpacing the availability of its current resources. Similarly, the United States stands to gain from the Agreement as U.S. companies could play an important role in the development of the UAEs civilian nuclear program.

The United States and the UAE are both committed to peaceful nuclear programs and work in concert with other nations to discourage the proliferation of nuclear weapons, Reinsch continued. The UAEs commitment to operational transparency, participation in the full range of international nuclear non-proliferation cooperation arrangements, the creation of an independent nuclear regulatory authority and the renouncing of any intention to develop a domestic enrichment and reprocessing capability serves as a model for other nations to adopt responsible practices that enhance global nuclear non-proliferation goals.

According to NFTC Vice President for Regional Trade Initiatives Chuck Dittrich, The UAE has long been a critical U.S. ally and partner on the diplomatic front in helping to promote peace in the Middle East and the responsible use and development of nuclear technology. Just as significant is our longstanding bilateral economic relationship, which the Agreement will help to enhance.

With nearly $13 billion dollars in two-way trade in 2007 alone and the UAE serving as the largest market for U.S. exports in the region, the United States has a vested interest in taking steps to expand our bilateral relations, Dittrich stated.

In addition to welcoming the Agreement, the NFTC urged the incoming Administration to send it to Congress for consideration in a timely fashion.

The NFTC serves as the secretariat for the U.S.-Middle East Free Trade Coalition created to promote the expansion of free trade between the US and the Middle East and to encourage economic development, transparent and accountable governance, and enhanced prospects for the people of the Middle East region.

About the NFTC

The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.