Israel signed a free trade deal with the United Arab Emirates today, its first with an Arab country, building on their US-brokered normalisation of diplomatic relations in 2020.
Israel\u2019s ambassador to the oil-rich UAE, Amir Hayek, tweeted \u201cmabruk\u201d \u2014 congratulations in Arabic \u2014 with a photo of Emirati and Israeli officials holding documents at a signing ceremony in Dubai.
The Emirati envoy to Israel, Mohamed Al Khaja, hailed as an \u201cunprecedented achievement\u201d the deal that, according to the Israeli side, scraps customs duties on 96 percent of all products traded.
\u201cBusinesses 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,\u201d Khaja tweeted.
The 2020 deal was part of the US-brokered Abraham Accords that also saw Israel establish diplomatic ties with Bahrain and Morocco.
Two-way trade between Israel and the UAE last year totalled some $900 million dollars, according to Israeli figures.
UAE-Israel Business Council president Dorian Barak predicted that trade would soon multiply between the regional powerhouse economies.
\u201cUAE-Israel trade will exceed $2 billion in 2022, rising to around $5 billion in five years, bolstered by collaboration in renewables, consumer goods, tourism and the life sciences sectors,\u201d he said in a statement.
\u201cDubai is fast becoming a hub for Israeli companies that look to South Asia, the Middle East and the Far East as markets for their goods and services.\u201d
Trade diplomacy \u2013<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Talks for a free trade agreement began in November and concluded after four rounds of negotiations.<\/p>\n\n\n\n

The latest was held in March in Egypt between Israeli Prime Minister Naftali Bennett and Sheikh Mohammed bin Zayed Al-Nahyan, UAE\u2019s long-time de facto ruler who became president this month after the death of his half-brother Sheikh Khalifa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Israel signed a free trade deal with the United Arab Emirates today, its first with an Arab country, building on their US-brokered normalisation of diplomatic relations in 2020.Israel\u2019s ambassador to the oil-rich UAE, Amir Hayek, tweeted \u201cmabruk\u201d \u2014 congratulations in Arabic \u2014 with a photo of Emirati and Israeli officials holding documents at a signing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-1200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized"},"_links":{"self":[{"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/posts\/1200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/comments?post=1200"}],"version-history":[{"count":1,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/posts\/1200\/revisions"}],"predecessor-version":[{"id":1202,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/posts\/1200\/revisions\/1202"}],"wp:attachment":[{"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/media?parent=1200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/categories?post=1200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsstarlet.com\/wp-json\/wp\/v2\/tags?post=1200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}