as
undergone a profound transformation from an impoverished region of
small desert principalities to a modern state with a high standard
of living. At present levels of production, oil and gas reserves
should last for more than 100 years. The government has increased
spending on job creation and infrastructure expansion and is opening
up its utilities to greater private sector involvement. In April
2004, the UAE signed a Trade and Investment Framework Agreement
(TIFA) with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement (FTA) with the US.

United Kingdom
The UK, a leading trading power and financial center,
is one of the quartet of trillion dollar economies of Western
Europe. Over the past two decades the government has greatly reduced
public ownership and contained the growth of social welfare
programs. Agriculture is intensive, highly mechanized, and efficient
by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and
oil reserves; primary energy production accounts for 10% of GDP, one
of the highest shares of any industrial nation. Services,
particularly banking, insurance, and business services, account by
far for the largest proportion of GDP while industry continues to
decline in importance. GDP growth slipped in 2001-03 as the global
downturn, the high value of the pound, and the bursting of the "new
economy" bubble hurt manufacturing and exports. Output recovered in
2004, to 3.2% growth. The economy is one of the strongest in Europe;
inflation, interest rates, and unemployment remain low. The
relatively good economic performance has complicated the BLAIR
government's efforts to make a case for Britain to join the European
Economic and Monetary Union (EMU). Critics point out that the
economy is doing well outside of EMU, and they cite public opinion
polls that continue to show a majority of Britons opposed to the
euro. Meantime, the government has been speeding up the improvement
of education, transport, and health services, at a cost in higher
taxes.

United States
The US has the largest and most technologically
powerful economy in the world, with a per capita GDP of $40,100. In
this market-oriented economy, private individuals and business firms
make most of the decisions, and the federal and state governments