Sunday Israel and signedUnited Arab EmiratesThe two countries signed a customs agreement in 2020, the last step before a first-of-its-kind free trade agreement between the two countries takes effect.
“The customs agreement signed today will lead to the entry into force of a free trade agreement between Israel and the United Arab Emirates,” Israeli Prime Minister Benjamin Netanyahu said, describing the agreement, which is due to be concluded in May 2022, as “historic”.
Netanyahu, who attended the signing ceremony between Israeli Foreign Minister Eli Cohen and Emirati Ambassador to Israel Mohammed Al Khaja, said the free trade agreement would “reduce tariffs, cost of living and promote trade between Israel and the UAE.”
In a statement to Agence France-Presse, Israeli Foreign Ministry spokesman Lior Hayat pointed out that the customs deal is the “last step” before the free trade agreement “goes into effect on April 1.”
And an Israeli Foreign Ministry statement said: “Once the free trade agreement enters into force, tariffs on about 96 percent of goods will be reduced or eliminated,” noting that the move “will allow Israeli companies to participate in the tenders that have been launched.” by the UAE Government.”
For its part, the UAE Embassy in Israel announced the signing of a Customs Cooperation Agreement implementing a free trade agreement between the two countries. He pointed out that the Gulf country hopes to “double intra-trade, improve living standards and reduce commodity prices through this agreement”.
By 2022, the value of trade exchanges between the Hebrew state and the UAE will exceed $2.5 billion (about 2.3 billion euros), excluding information products and services, placing the Gulf state in 16th place on the list of Israel’s largest trading partners. Israeli Ministry of Foreign Affairs.
Israel and the United Arab Emirates reached an agreement to normalize relations in 2020 as part of a series of US-brokered deals known as the “Abraham Accords”.
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