Israel, UAE ink free trade agreement

It is Israel’s 1st free trade agreement signed with any Arab country.

Israel, UAE ink free trade agreement

Israel on Tuesday signed a free trade agreement with the United Arab Emirates (UAE) on Tuesday, the first of its kind with an Arab country, according to the Israeli Embassy in the UAE.

"Congratulations," Amir Hayek, the Israeli ambassador to the UAE, said on Twitter following the signing of the agreement.

On Monday, the Israeli Economy Ministry said that the agreement will be signed in Dubai with a view to boosting trade between the two countries.

Under the deal, customs duties between Israel and the UAE will be eliminated on 96% of products, including food, agriculture, cosmetics, medical equipment and medicine, the statement said.

Israeli Economy and Industry Minister Orna Barbivai had arrived in Dubai on Sunday to sign the agreement, according to Hayek.

In September 2020, the UAE and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries exchanged official visits by senior officials and have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.

Three other Arab states – Bahrain, Morocco, and Sudan – joined the UAE in the controversial move that came to be known as the Abraham Accords.