“Congratulations,” Israel’s ambassador to the United Arab Emirates, Amir Hayek, congratulated in a tweet in Arabic, adding to his message a photo showing the officials of the two countries during the signing ceremony of the agreement in Dubai.
The Emirati envoy to Israel, Mohamed Al Khaja, called it an “unprecedented achievement” the pact that abolishes customs duties on 96% of the products exchanged between both parties.
“Businesses from both countries will benefit from faster market access and lower tariffs as our nations work together to increase trade, create jobs and deepen cooperation,” Khaja tweeted.
The agreement to normalize diplomatic relations between Israel and the United Arab Emirates, signed in 2020, was part of the Abraham Accordsnegotiated by USA under the administration of donald trump. They also allowed the reestablishment of relations with Bahrain Y Morocco.
Last year, bilateral trade between Israel and the United Arab Emirates amounted to about $900 million, according to Israeli figures.
The president of the Emirate-Israeli Business Council, Dorian Barak, predicted that trade will soon multiply between the two regional powers.
“The trade between the Emirates and Israel will exceed 2,000 million dollars in 2022, and will increase to about 5,000 million in five yearsreinforced by collaboration in the renewable energy, consumer goods, tourism and life sciences sectors,” it said in a statement.
Nearly 1,000 Israeli companies will work in and through the United Arab Emirates by the end of the year, he said.
“Israel and the Emirates signed a historic free trade agreement, the first of its kind between Israel and an Arab country,” Israeli Prime Minister Naftali Bennett wrote on Twitter.
“Under the impulse of my friend Mohamed bin Zayed (Al-Nayane, leader of the Emirates) and thanks to a lot of determination, this it is the fastest free trade agreement in the history of Israel“, he continued.
The talks with a view to this agreement began in November and concluded in April after four rounds of negotiations.
Israel has already signed free trade agreements with other countries and blocs, such as the United States, the European Union, Canada and Mexico.
Source: Ambito
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