Business leaders hailed the “unprecedented” free trade agreement announced on Tuesday between the United Arab Emirates and Israel – the first time in history that Israel has done so with an Arab country.
Israel and the United Arab Emirates announced the free trade deal, having formally established ties in 2020 under the US-brokered Abraham Accords, which also included Bahrain and Morocco.
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Dorian Barak, co-founder of the UAE-Israel Business Council, told Al Arabiya English that the UAE-Israel trade will have incalculable benefits over the next five years.
“Trade between the United Arab Emirates and Israel will exceed $2 billion in 2022, rising to around $5 billion in five years, supported by collaboration in the renewable energy, consumer goods, tourism and services sectors. life sciences.
“Additionally, Dubai is rapidly becoming a hub for Israeli companies looking to South Asia, the Middle East and the Far East as markets for their goods and services.
“Nearly 1,000 Israeli companies will be working in and across the UAE by the end of the year. This is unheard of. »
The trade deal includes 95% of traded goods, which will be cleared immediately or gradually, including food, agricultural and cosmetic products, as well as medical equipment and medicines, Israel’s Economy Ministry said in a statement. in April, after the end of the negotiations. being discussed.
The agreement covered regulations, customs, services, government procurement and e-commerce.
“This landmark agreement will build on the historic Abraham Accords and cement one of the world’s largest and most promising emerging trade relationships,” the UAE’s Minister of State for Foreign Trade said on Twitter at the time. united, Thani al-Zeyoudi.
The Abraham Accords have led to a multitude of cooperation agreements between the two Middle Eastern countries, particularly in the sectors of tourism and health, scientific research and space exploration.
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