UAE, Israel ratify wide-reaching economic partnership agreement

The UAE and Israel have ratified a comprehensive economic partnership agreement, two years after agreeing to normalise relations under the Abraham Accords in 2020.

Economy

1 min read

The New Arab Staff & Agencies

11 December, 2022

The free trade agreement will remove or reduce tariffs on 96% of goods traded between the nations [Getty]

The governments of the United Arab Emirates and Israel have ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade Thani Al Zeyoudi said on Twitter on Sunday.

The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations.

"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added.

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The UAE and Israel normalised relations under the Abraham Accords - brokered by former US president Donald Trump - in 2020.

The two countries have since ardently established ties in fields including tourism, energy, and surveillance and military technology.

The controversial normalisation deal, also signed by Bahrain and Morocco, has been slammed by Palestinian factions across the board as a betrayal of their cause.

(Reuters, The New Arab)