Israel Signs UAE Free Trade Deal, Its First In Arab World
Written by on May 31, 2022
Israel signed a free trade deal with the United Arab Emirates on Tuesday, its first with an Arab country, building on their US-brokered normalisation of diplomatic relations in 2020.
The 2020 deal was part of the US-brokered Abraham Accords that also saw Israel establish diplomatic ties with Bahrain and Morocco.
Two-way trade between Israel and the UAE last year totalled some 900 million dollars, according to Israeli figures.
The UAE was the first Gulf country to normalise ties with Israel and only the third Arab nation to do so after Egypt and Jordan.
Talks for a free trade agreement began in November and concluded after four rounds of negotiations.
The latest was held in March in Egypt between Israeli Prime Minister Naftali Bennett and Sheikh Mohammed bin Zayed Al-Nahyan, UAE’s long-time de facto ruler who became president this month after the death of his half-brother Sheikh Khalifa.