Israel has inked its first free trade agreement with an Arab country, with the United Arab Emirates (UAE). The agreement was signed in Dubai by Israel’s Economy and Industry Minister Orna Barbivay and the UAE’s Economy Minister Abdalla Bin Touq Al Marri. According to an official statement released by Israel’s Ministry of Economy and Industry, the comprehensive, significant, and ground-breaking agreement is expected to increase bilateral trade in goods and services, increase Israeli exports to the United Arab Emirates, and provide customs exemption on 96% of trade between the countries: food, agriculture, cosmetics, medical equipment, medication, and more.
- Regulatory and standardisation concerns, customs, collaboration, government procurement, e-commerce, and intellectual property rights are all covered under the agreement.
- This is a crucial visit for the State of Israel’s commercial relations with the United Arab Emirates, the first free trade zone deal with an Arab country.
- The free trade zone agreement they signed this morning is expected to improve bilateral commerce, remove barriers, and create new economic possibilities and collaborations, all of which will serve as a foundation for our common road forward.
- The commercial pact with Israel will usher in a new era in the Middle East. This agreement will boost economic growth and reinforce the notion that working together is the only way to build long-term, sustainable economies in a complicated environment.
- This arrangement signifies much bigger than just business: the value of strong collaborations. Our agreement will demonstrate to countries and governments all across the world that collaboration and conversation are the most effective ways to turn obstacles into opportunities.