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In 2022, bilateral trade surpassed $2.5 billion (not including software and services).
By: JNS & INN
Israeli Foreign Minister Eli Cohen and United Arab Emirates Ambassador to Israel Mohamed Al Khaja signed a customs deal on Sunday that paves the way for the countries’ free-trade agreement to enter into force.
“The taking effect of the free-trade agreement is important news for the Israeli economy, for the strengthening of ties with the UAE and is further testament to the importance of the Abraham Accords,” said Cohen in reference to the Trump administration-brokered agreements that normalized Jerusalem’s relations with four Arab nations.
The May 2022 free-trade agreement was the fastest-ever negotiated in Israel’s history, signed in Dubai some 18 months after the countries established diplomatic relations. The agreement removes tariffs on 96% of goods traded, ranging from food to jewelry to medical equipment. Other benefits include protection of intellectual property and, new to free-trade agreements, a promise to find ways for small and medium-sized businesses to profit from “commercial opportunities granted by the agreement.”
Last year, bilateral trade reached more than $2.5 billion (not including software and services), making the UAE Israel’s 16th largest trading partner.
“This historic agreement that has been signed with the UAE continues to bear fruit for the benefit of the people of both countries,” said Israeli Prime Minister Benjamin Netanyahu, who attended Sunday’s signing ceremony.
“I am certain that we will be able to expand the circle of peace between Israel and additional countries in our region,” he added.
Netanyahu said last month that he was actively courting Saudi Arabia to join in the Abraham Accords, as that would constitute a “quantum leap” towards regional peace.
Israel is also currently working to expand the accords to four additional nations—Mauritania, Somalia, Niger and Indonesia.
Former Prime Minister Naftali Bennett on Monday met the leader of the United Arab Emirates, Sheikh Mohammed bin Zayed, at his palace in Abu Dhabi, Israel National News reported.
The two discussed strengthening cooperation between the two countries, especially during this complex period.
INN also reported that during the day, former Prime Minister Bennett held a series of five meetings with the heads of the Emirati government and economy, including Sheikh Khaldoon Al Mubarak, chief executive officer and managing director of Mubadala Investment Company and one of the senior advisers of the President of the United Arab Emirates, and Sheikh Hamed bin Zayed Al Nahyan, member of the Executive Council of Abu Dhabi, in order to continue the momentum of cooperation between the two countries.
Prime Minister Benjamin Netanyahu was scheduled to visit Abu Dhabi in January, but his visit was canceled and no new date has yet been set, INN reported. According to one of the reports, the UAE canceled the Prime Minister’s political visit to the country due to fear that his conduct during the visit could cause tensions with Tehran.
The UAE was one of four Arab nations to normalize relations with Israel in the Abraham Accords, which were brokered by the US in 2020, according to the INN report.
Last week, Syrian President Bashar Al-Assad visited the UAE Emirates. INN reported that Bin Zayed welcomed Assad and his wife at the airport, and they were given an honor guard.
