Israel For The First Time Signed A Free Trade Agreement With An Arab Country UAE
Israel-UAE Deal: Israel on Tuesday signed a free trade agreement...
Israel-UAE Deal: Israel on Tuesday signed a free trade agreement with the United Arab Emirates (UAE). This is Israel’s first agreement with an Arab country, based on the normalization of US-brokered relations in 2020. Israel’s ambassador to the UAE, Amir Hayek, tweeted “Mabruk” – (congratulation in Arabic) – along with a photo of Emirati and Israeli officials at a signing ceremony in Dubai.
The Emirati envoy to Israel, Mohamed Al Khaza, hailed the deal as an “unprecedented achievement”. According to the Israeli side, this agreement eliminates customs duties on 96 percent of all products traded.
Explaining the benefits of the agreement, Khaja tweeted, “Businesses in both countries will benefit from faster access to markets and lower tariffs as our countries work to increase trade, create jobs, foster new skills and deepen cooperation.” work together.”
US-broker Abraham Things changed after the agreement
The 2020 normalization deal was part of the US-broker Abraham Agreement that opened the way for Israel to establish diplomatic ties with Bahrain and Morocco.
According to Israeli figures, last year the two-way trade between Israel and the United Arab Emirates stood at around $900 million. Dorian Barak, president of the UAE-Israel Business Council, predicted that trade between the regional mighty economies would soon increase manifold. He said that by the end of the year, about 1,000 Israeli companies would operate in and through the UAE.
Israel’s relations with these Arab countries are getting normal
The UAE was the first Gulf country to normalize relations with Israel and only the third Arab country to do so after Egypt and Jordan. Negotiations for a free trade agreement began in November and concluded after four rounds of talks. Sudan also agreed to normalize ties with Israel in 2020, but the conflict-torn Northeast African country has yet to finalize a deal. Israel has already entered into free trade agreements with other countries and blocs including the United States, European Union, Canada and Mexico. In February, Israel signed a trade deal with Rabat to designate special industrial zones in Morocco.
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