(MENAFN) The United Arab Emirates (UAE) and Israel have taken a major step forward in their economic relationship as the Comprehensive Economic Partnership Agreement between the two countries went into effect on April 1st. This historic moment was announced by the Emirati Ambassador to Israel, Mohamed Al-Khaja, on Twitter.
According to Al-Khaja, the agreement is expected to deepen the trade, investment, and business opportunities between the two nations, ushering in a new era of cooperation. The Comprehensive Economic Partnership Agreement was signed in Dubai on May 31, 2022, with the goal of increasing trade levels between the UAE and Israel to USD10 billion by the end of the decade.
Prior to the agreement, bilateral trade, excluding oil trade, between the UAE and Israel amounted to USD2.49 billion in 2022, which is a significant increase of 90 percent from 2021, when it was at USD1.3 billion.
The UAE and Israel have been working to strengthen their relationship since 2020 when they signed a US-sponsored agreement to normalize their relations. Since then, top officials from both countries have exchanged visits and signed several bilateral agreements, with the Comprehensive Economic Partnership Agreement being a significant milestone in their relationship.
With the Comprehensive Economic Partnership Agreement now in effect, the UAE and Israel are expected to further deepen their economic ties and create new opportunities for businesses in both countries. This is a major achievement for the UAE and Israel as they continue to build a strong and mutually beneficial relationship.
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