Negotiation for a Free Trade Agreement have concluded this morning between Israel and the UAE.
This is the next stage in the growing relationship between the two nations since they agreed to normalise ties through the US-brokered Abraham Accords peace treaty in 2020.
Israel’s Economy Minister Orna Barbivai detailed in a statement that within the trade deal 95% of traded products will be customs free, including food, agriculture and cosmetics products as well as medical equipment and medicine.
United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi said on Twitter that this is a “milestone deal” that will build on the Abraham Accords and “cement one of the world’s most important and promising emerging trading relationships”.
Israeli Ambassador to the UAE Amir Hayek explained on Twitter that the next stage is the “technical work of translations and signing”.
This Free Trade Deal comes a day after Israel’s Economy Minister Orna Barbivai signed a new trade agreement with Egypt.