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UAE-Israel trade pact enters into force

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BM.GE
03.04.23 13:28
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A comprehensive trade and economic pact between the United Arab Emirates (UAE) and Israel has entered into force as of April 1st, an Emirati official said.

"Another historic moment for UAE-Israel relations, the Comprehensive Economic Partnership Agreement has now come into effect," Emirati Ambassador to Israel, Mohamed Al-Khaja, said on Twitter.

He said the agreement will contribute to deepening "trade, investment and business opportunities, and unlock a new era of cooperation" between the UAE and Israel.

The Comprehensive Economic Partnership Agreement was signed on May 31, 2022 in Dubai with a view to raising trade levels between the two countries to reach $10 billion by the end of the decade.

Bilateral trade, except the oil trade, between the UAE and Israel stood at $2.49 billion in 2022; a 90% increase from 2021, which reached $1.3 billion.

In 2020, the UAE and Israel signed a US-sponsored agreement to normalize their relations. Since then, top officials from both countries have exchanged visits and signed several bilateral agreements, AA reports.

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