Eli Cohen, the foreign minister of Israel, and Mohamed Al Khaja, the ambassador of the United Arab Emirates to Israel, signed a customs agreement on Sunday that prepares the way for the implementation of the free trade agreement between the two nations.
The Abraham Accords, which were negotiated by the Trump administration and restored normal ties between Jerusalem and four Arab countries, Cohen referred to as "important news for the Israeli economy, for the strengthening of ties with the UAE, and is further testament to the importance of the Abraham Accords."
The quickest free trade agreement in Israel's history was struck in Dubai in May 2022, about 18 months after the two nations established diplomatic ties. The deal eliminates tariffs on 96% of traded items, including everything from food to jewelry to medical supplies. A new provision in free-trade agreements guarantees to develop ways for small and medium-sized firms to profit from "commercial opportunities offered by the agreement," in addition to intellectual property protection.
With software and services excluded, bilateral trade between the UAE and Israel exceeded $2.5 billion in the previous year, ranking the UAE as Israel's 16th largest trading partner.
The citizens of both countries continue to profit from this historic agreement, according to Israeli Prime Minister Benjamin Netanyahu, who was present at the signing ceremony on Sunday.
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