Israel and the UAE signed a free trade agreement on Tuesday, Israel’s ambassador to the UAE, Amir Hayek, said on Twitter.
Done ! https://t.co/Z4PCIY9dqt
— Ambassador Amir Hayek (@HayekAmir) May 31, 2022
The trade deal is Israel’s first with an Arab country.
Dorian Barak, co-founder of the UAE-Israel Business Council said: “UAE-Israel trade will exceed $2 billion in 2022, rising to around $5 billion in 5 years, bolstered by collaboration in renewables, consumer goods, tourism, and the life sciences sectors.
“Additionally, Dubai 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. Nearly 1,000 Israeli companies will be working in and through the UAE by year’s end. It’s unprecedented.”
Israel and the UAE will sign a free trade agreement in Dubai on Tuesday in a move aimed at boosting trade between the two countries, Israel’s Economy Ministry said on Monday.
The ministry said customs duties will be eliminated on 96 percent of products, including food, agriculture, cosmetics, medical equipment and medicine.
It also includes regulation, customs, services and government procurement.
The UAE and Israel formally established relations in 2020 as part of the US-brokered Abraham Accords that also included Bahrain and Morocco.