The United Arab Emirates (UAE) and Israel have signed a free trade agreement, marking the first of its kind between Israel and a Gulf country. The agreement was officially signed today in Dubai.
According to a report by AFP, the new deal will allow 96% of goods traded between the two countries to be exempt from tariffs. Israel’s ambassador to the UAE, Amir Hayek, celebrated the occasion on Twitter, sharing a photo of officials from both countries present at the signing ceremony.
In a tweet, Mohamed Al Khaja, the UAE’s ambassador to Israel, highlighted the significance of the agreement, stating that it will enable businesses in both countries to access markets quickly and benefit from tariff exemptions. He emphasized that the agreement will enhance trade, create job opportunities, increase expertise, and deepen cooperative relations.
In 2021, trade between Israel and the UAE amounted to $900 million, according to Israeli statistics. With the new agreement, Dorian Barak, president of the UAE-Israel Business Council, expects trade to increase several times over in the coming years.
