UAE, Israel's Comprehensive Economic Partnership Agreement Boosts Trade, Relations
(MENAFN) A new chapter has begun in the relationship between the United Arab Emirates (UAE) and Israel, as a Comprehensive Economic Partnership Agreement between the two countries has come into effect as of April 1st. This significant agreement is expected to deepen economic ties and create new opportunities for trade, investment, and business between the two nations.
Emirati Ambassador to Israel, Mohamed Al-Khaja, expressed his excitement about the historic moment in a tweet, stating that the Comprehensive Economic Partnership Agreement will unlock a new era of cooperation between the UAE and Israel. The agreement was signed on May 31, 2022, in Dubai, with the goal of raising trade levels between the two countries to a staggering USD10 billion by the end of the decade.
Bilateral trade, except for oil trade, between the UAE and Israel has been on the rise, reaching $2.49 billion in 2022, a significant 90 percent increase from 2021, which stood at USD1.3 billion. This surge in trade is a testament to the strengthening relationship between the two countries in recent years.
The UAE and Israel signed a United States-sponsored agreement to normalize their relations in 2020. Since then, top officials from both countries have exchanged visits and signed a multitude of bilateral agreements. This Comprehensive Economic Partnership Agreement marks yet another milestone in the growing relationship between the UAE and Israel.
The agreement is expected to open up new opportunities for businesses in both countries, allowing them to expand their markets and access a wider range of goods and services. With the UAE and Israel both being major hubs for trade and commerce in the Middle East, this agreement has the potential to create significant economic growth and prosperity for both nations.
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