UAE and Israel sign free trade agreement

Abu Dahbi, TGO: The UAE has signed a Comprehensive Economic Partnership Agreement (CEPA) with Israel. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, tweeted on Tuesday that the agreement will push the value of non-oil bilateral trade beyond $10 billion within five years.

The agreement “builds on the strong foundations laid by the Abraham Accords”, the minister tweeted. Mohamed Al Khaja, Ambassador of the UAE to Israel, tweeted that the deal is an “unprecedented achievement”.

“Businesses in both countries will benefit from faster access to markets and lower tariffs as our nations work together to increase trade, create jobs, promote new skills and deepen cooperation,” he added.

The trade deal is Israel’s first with an Arab country.

Israel’s ambassador to the UAE, Amir Hayek, shared photos of the agreement signing ceremony.The UAE and Israel formally established relations in 2020 as part of the US-brokered Abraham Accords that also included Bahrain and Morocco.

Last week, Dr Al Zeyoudi said bilateral trade between the UAE and Israel increased to more than $2.5 billion in less than two years after the Abraham Accords was signed.

During a panel discussion at the World Economic Forum in Davos, the minister said both countries had concluded talks on CEPA in April.