UAE (31st May, 2022): United Arab Emirates (UAE) and Israel have reportedly signed a free trade agreement. The reports were confirmed by UAE’s Minister of State for Commerce.
According to Baaghi TV reports, the UAE Minister of State for Foreign Trade H. E. Dr. Thani bin Ahmed Al Zeyoudi, said the agreement is based on the “Abraham Accords”. Sharing the news on the social networking website Twitter, Al Zeyoudi wrote, that the economic partnership agreement will “push the value of our non-oil bilateral trade beyond $ 10 billion within five years”.
Under the agreement, customs duty on ninety-six percent of the products will be abolished. It is pertinent to note that the agreement has materialized as a result of the normalization of relations between UAE-Israel since September 2020. A move that led to dozens of preliminary agreements in areas from aviation to technology.
Israel and the UAE began negotiations for a comprehensive economic partnership agreement (CEPA) in November 2021. Since then, trade between the Emirates and Israel has exceeded by 2.5 billion in just two years, with more than 11 billion recorded in the first quarter of this year.
The trade and investment agreement, signed after months of negotiations, is Israel’s first major trade agreement with an Arab country.
Today we signed a Comprehensive Economic Partnership Agreement with #Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years. 🇦🇪🇮🇱 pic.twitter.com/j5g1Q30eI4— د. ثاني الزيودي (@ThaniAlZeyoudi) May 31, 2022
In another tweet, H. E. Dr. Thani bin Ahmed Al Zeyoudi wrote that with the agreement “signed, sealed and delivered, we have written a new chapter in the history of the Middle East”. Al Zeyoudi added that the CEPA will help in accelerating growth by creating jobs and leading UAE to “a new era of peace, stability, and prosperity across the region”.
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