trade agreement ink between Israel and UAE
The Israeli Embassy in the UAE signed a free trade agreement with the United Arab Emirates on Tuesday, making it the first Arab country to sign one. Amir Hayek, the Israeli ambassador to the UAE, said on social media following the signing of the agreement. Agreements will be signed in Dubai on Monday to boost trade with Israel. This agreement will end duty requirements for 95% of products between Israel and the UAE.
Orna Barbivai, the Israeli Minister for Economy and Industry, arrived in Dubai this Sunday. One of the agreements to be signed is a 10-year economic partnership according to Hayek. The UAE and Israel resumed normal diplomatic relations in 2020 after signing a trade agreement with the United States. They signed many agreements in a wide range of fields, including investments, banking services, and tourism, after officials met each other. The UAE’s controversial move came to be known as the Abraham Accords when it was joined by Bahrain, Morocco, and Sudan, who all agreed to sign.