On Tuesday, Israel and the United Arab Emirates signed a historic free trade agreement in Dubai.
The first of its kind between Israel and an Arab state, the deal will eliminate customs duties on 96 percent of products, including food, agriculture, cosmetics, medical equipment, and medicine. The agreement also includes regulation, customs, services, and government procurement. The agreement also covers e-commerce and intellectual property.
Minister Al Zeyoudi tweeted on Tuesday: “Today, we signed a Comprehensive Economic Partnership Agreement with #Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years.”
Israeli Foreign Minister Yair Lapid hailed the agreement, calling it historic, and thanked Israel’s Economy and Industry Minister Orna Barbivai for her contribution to achieving it. Barbivai attended the signing ceremony in Dubai, together with her UAE counterpart Abdulla bin Touq Al-Marri and UAE Minister for Foreign Trade Thani bin Ahmed Al Zeyoudi.
The two countries, once nominal enemies, turned official allies in 2020, when the foreign ministers of the UAE and Bahrain, as well as Israel’s then-Prime Minister
Benjamin Netanyahu signed a peace agreement that normalized diplomatic ties between their countries.