Israel signs a free trade agreement with the United Arab Emirates, the first with an Arab country

Israel and United Arab Emirates (UAE), which established relations in 2020, signed this Tuesday in Dubai a free trade agreement, described as historic as it is the first of its kind between the Jewish State and an Arab country, and which will increase bilateral trade to about 10,000 million dollars in five years.

“It is expected that the Comprehensive Economic Partnership Agreement between United Arab Emirates and Israel stimulate trade flows between the two countries, reaching 10,000 million dollars annually in five years,” said the Emirati Minister of Economy, Abdullah bin Tuk al-Marieaccording to a statement from his department.

Before the signing, the Israeli Ministry of Economy had said that the agreement would eliminate tariffs on food, agriculture, cosmetics, medical equipment and drugs. “Together we will remove barriers and promote comprehensive trade and new technologies, which will form a solid foundation for our common path, contribute to the well-being of citizens and facilitate business,” Israel’s Economy and Industry Minister said on Monday. Orna Barbibai.

According to a statement from the Israeli Ministry of Economy and Industry, it is “an agreement of historical importance for economic relations between Israel and the UAE” as it is the “first Free Trade Agreement with an Arab state“.

For his part, the UAE Secretary of State for Commerce, Zani al Zeyudihas highlighted on his Twitter account that the agreement comes after “the solid pillars” of the Abraham Accords and has indicated that “it is a new chapter in the history of the Middle East”. “Our agreement will accelerate growth, create jobs and usher in a new era of peace, stability and prosperity in the region,” she argued.

Likewise, the Emirati ambassador to Israel, Mohamed al Jaja, has underlined on Twitter that it is “an unprecedented achievement” and explained that “companies in both countries will benefit from faster access to markets and lower tariffs.” Thus, he has said that this will allow “increase trade, create jobspromote new capabilities and deepen cooperation”.

Israel signed in September 2020 agreements to normalize its relations with the UAE and Bahrain, the first countries of the Persian Gulf to adopt such a decision, after which both Sudan and Morocco joined the Abraham Accords. Since then, Israeli officials have said they are working with other countries in the region to normalize relations as well.

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