Israel signed a free trade deal with the United Arab Emirates on Tuesday, its first with an Arab country, building on their US-brokered normalisation of relations in 2020.
Israel’s ambassador to the UAE, Amir Hayek, tweeted “mabruk” alongside a photograph of Emirati and Israeli officials holding documents at a signing ceremony in Dubai.
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi, meanwhile, 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.
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
“With the UAE-Israel CEPA signed, sealed and delivered, we have written a new chapter in the history of the Middle East. Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region,” said Dr Al Zeyoudi.
Israel has described as “historic” the deal abolishing customs duties on “96 percent of the products” exchanged between the two sides.
Mabruk !!! 🇮🇱🕊🇦🇪 pic.twitter.com/Uf1DcEpNBb
— Ambassador Amir Hayek (@HayekAmir) May 31, 2022
The 2020 normalisation deal reached between the two countries was one of a series of US-brokered agreements known as the Abraham Accords.
Two-way trade last year totalled some $900 million dollars, according to Israeli figures.
The UAE was the first Gulf country to normalise ties with Israel and only the third Arab nation to do so after Egypt and Jordan.
#UAEIsraelCEPA 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. Thank you Ohad Cohen for your efforts! pic.twitter.com/NIaLFp30L8
— Mohamed Al Khaja (@AmbAlKhaja) May 31, 2022
Talks for a free trade agreement began in November and concluded after four rounds of negotiations.
Israel has already struck free trade agreements with other countries and blocs, including the United States, European Union, Canada and Mexico.
Israel & the UAE just signed a historic Free Trade Agreement – the first of this scope to be signed between Israel & an Arab state.
Thanks to the leadership of my friend @MohamedBinZayed and a lot of determination — this was the fastest FTA to be signed in Israel’s history 🇮🇱🇦🇪 pic.twitter.com/UQsjSJ09qU
— Naftali Bennett בנט (@naftalibennett) May 31, 2022
In February, Israel signed a trade deal with Rabat to designate special industrial zones in Morocco.
(With agency inputs)
