Jerusalem24– The Israeli Ministry of Economy and Industry announced yesterday that Israel and the United Arab Emirates (UAE) were to sign a free trade agreement, the first such arrangement between Israel and an Arab state.
Israeli Minister of Economy and Industry Orna Barbivai is due to meet the UAE’s Minister of Economy Abdulla Bin Touq Al-Marri this morning in Dubai to sign the agreement.
According to Forbes, Israel-UAE bilateral trade was worth some $675m within the first ten months of signing the Abraham Accords in September 2020, but a free trade deal could see that increase rapidly.
The agreement, which Israel describes as “comprehensive, significant and groundbreaking”, is expected to increase trade between the countries in goods and services and increase Israeli exports to the UAE, granting an immediate or gradual tax exemption of 96% on trade between the two states in areas including agricultural products, cosmetics, medical equipment, and pharmaceuticals.
Barbivai will also sign a memorandum of understanding for cooperation in advanced manufacturing.