Europe News Desk!! The Free Trade Agreement between Israel and the United Arab Emirates (UAE) has come into force. This is the first such economic agreement of the Jewish state with an Arab country. Officials of the two countries signed the customs agreement on Sunday, giving effect to the free trade agreement signed in May 2022, an official statement said. The customs agreement in Israel was signed by Israeli Foreign Minister Eli Cohen and UAE Ambassador Mohammed Al Khaja in the presence of Netanyahu, Xinhua news agency reported. According to the statement, the free trade agreement is expected to reduce customs duties and reduce the cost of living as trade between the two countries increases.
Additionally, Israeli companies will gain access to UAE government tenders. Cohen said, the free trade agreement being effective is important for Israel’s economy and for strengthening relations with the UAE. This shows the importance of the Abrahamic Agreement. The Abraham Accords are a series of US-drafted deals with the UAE, Bahrain and Morocco to establish diplomatic ties with Israel in 2020. According to Israel’s Foreign Ministry, the UAE is Israel’s 16th largest trading partner, with bilateral trade volume expected to exceed $2.5 billion in 2022. Israel is currently negotiating with Bahrain to sign a free trade agreement.
World News Desk!!