Historical FTA between Israel and UAE
on May 31 signed a free trade agreement (FTA) with the United Arab Emirates (UAE), marking the first time Israel signed an FTA with an Arab country, according to AFP.
Israeli Ambassador to the UAE Amir Hayek took to Twitter to congratulate him on the signing and posted a photo of officials of the two countries holding documents at the signing ceremony in Dubai. Under the FTA, which Israel describes as a “historic” agreement, tariffs on 90% of products exchanged between the two countries are eliminated.
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FTA signing ceremony between Israel and UAE Jpost |
Negotiations on FTA started in November 2021 and completed after 4 rounds of negotiations. Total two-way trade between Israel and the UAE last year reached about 900 million USD. Israel and the UAE reached an agreement to normalize relations in 2020 brokered by the US. The UAE is the first Gulf state to normalize relations with Israel and the third Arab country to do so, after Egypt and Jordan, according to AFP.
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