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.
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