Israel's Ministry of Economic Affairs and Industry and the UAE's Minister of Foreign Affairs and Trade have said that talks for a free trade agreement between the two countries have been completed.
According to the Qatari news agency Al Jazeera, UAE Minister of Economic Affairs Abdullah bin Touk Al Murri had said in September that the volume of bilateral trade between the UAE and Israel is between 600 million dollar and 700 million dollar.
The UAE and Israel formally established relations in 2020 under the US-brokered Abraham Agreement, which also includes Bahrain and Morocco.
Israel's Ministry of Economic Affairs said in a statement that under the latest agreement, 95 percent of commercial products will be immediately or gradually exempt from customs duties, including food, agriculture and cosmetic products, as well as medical equipment. And medicines.
The agreement, which includes regulation, customs, services, government procurement and trade in electronic goods, will take effect once the two countries' economic ministers sign and ratify it, the statement said. However, no timetable was given for the implementation of the agreement.
Negotiations and negotiations for a free trade agreement between Israel and the UAE have been going on since November last year. The four rounds of talks between the two countries have come to an end, one of the four rounds of talks last month in Egypt between Israeli Prime Minister Naftali Bennett and Crown Prince Mohammed bin Zayed Al Nahyan of Abu Dhabi.
Israeli Prime Minister Naftali Bennett said that the good relations between the two countries today have been strengthened by this free trade agreement. He said that the agreement would significantly improve economic cooperation for the benefit of the citizens of both the countries.
The UAE said in a separate statement that the agreement would significantly reduce or eliminate a wide range of goods taxes, increase access to markets for services and increase investment opportunities. The agreement will also create a mechanism for the expansion of small and medium enterprises.
UAE Minister of State for Foreign Trade Sani Al-Zayudi said in a statement on Twitter that the landmark agreement would be based on the historic Ibrahim Agreement and strengthen the world's most important and promising trade relations.
On the other hand, Palestinian officials have accused the countries involved in the Israeli occupation of trying to normalize relations with Israel last year.
Israel this week hosted a summit of top diplomats from the United States and three Arab states, the United Arab Emirates, Bahrain and Morocco, with which Israel has normalized relations since 2020. Sudan has also agreed to normalize relations with Israel, but has not yet finalized an agreement.
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