It’s been less than a day since the Dubai World Ports buyout deal fell apart and already the consequences are making themselves apparent.
WASHINGTON (Reuters) – The United States and United Arab Emirate have postponed free trade talks set for next week, the U.S. Trade Representative’s office said on Friday.
The announcement came one day after state-owned Dubai Ports World, facing intense U.S. political opposition, said it would sell recently acquired U.S. assets to an American entity
Of course, they’re couching it in very diplomatic language:
“The U.S. and UAE are strongly committed to making progress on our FTA negotiations. In order to get an agreement that both sides can successfully implement, we need additional time to prepare for the next round of negotiations,” Neena Moorjani, a spokeswoman for the U.S. Trade Representative’s office, said.
Yeah right.
Update: And more indication of the economic consequences of this political disaster here:
DUBAI, United Arab Emirates — Gulf investors, feeling scorched by what they see as an anti-Arab backlash in the U.S. Congress, will likely be wary of high-profile investments in the United States after the ports controversy with a Dubai company.
And more here:
Being American means not giving a damn about what the rest of the world thinks about us.
That less-than-endearing national character trait was on display this week as members of Congress, reflecting the fears and prejudices of their constituents, succeeded in blocking a Dubai-owned company from taking over management of terminals at six American ports. The global message it sends — and, in particular, to friendly Arab and other Muslim countries — is that we don’t really need your money, and in this post-9/11 world we’re going to be very picky about whom we do business with.
Great. Just great.
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