Israel’s Minister of Economy and Industry Orna Barbivai and the UAE’s Foreign Trade Minister, Thani bin Ahmed Al Zeyoudi, met in Jerusalem finally signing the a free trade agreement between Arabs and Zionist Jews.
Israel and the United Arab Emirates have concluded five months of negotiations, following up on the 2020 Abraham Accords that formally established economic and military security relations between the both nations.
The finalization of the negotiations is a significant and historic milestone in the relationship between the countries and we will continue to assist the Israeli business community in establishing trade relations in the United Arab Emirates.
This milestone deal will build on the historic Abraham Accords and cement one of the world’s most important and promising emerging trading relationships in order to confront other Persian Gulf countries and especially neighboring Iran.
The agreement, which took over five months to negotiate, will reportedly see some 95% of products traded between Israel and the UAE – such as food, agriculture, cosmetic products, medical equipment and medicine – become customs free, immediately or gradually.
The UAE and Israel, which reportedly reached some $900 million in bilateral trade in 2021, normalized their relations back in 2020 as part of the US-brokered Abraham Accords.
Earlier this week Israel hosted a summit, inviting top diplomats from the USA as well as the UAE, Bahrain and Morocco, with which it has adjusted relations since 2020.
Israeli Prime Minister Naftali Bennett also made a surprise visit to Egypt alongside the UAE’s crown prince to host trilateral talks and discuss shared military interests.
RT. com / ABC Flash Point Persian Gulf News 2022.