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Israel and UAE finalise free trade deal -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: At Haifa port in northern Israel’s October 12th 2020, containers carrying goods from United Arab Emirates were loaded by a crane with Israeli and Emirati flags. REUTERS/Amir Cohen/File PHOTO

JERUSALEM, (Reuters) – Israel and United Arab Emirates are now in negotiations to conclude a free trade accord, the UAE Foreign Trade Minister and Israel’s Economy Ministry announced on Friday. This comes after formal establishment of ties between the two countries in 2020.

According to the Israeli Economy Ministry, 95% of trade agreements will allow for customs exemption for all products immediately or slowly. This includes food, medicine and agriculture.

Although no date was provided, it included regulations, customs and services as well as government procurement and electronic commerce. The agreement will be in effect once the ministers of the economies sign and are ratified.

As part of the U.S.-brokered Abraham Accords, which also included Morocco and Bahrain, relations between Israel and UAE were established in 2020.

“This milestone deal will build on the historic Abraham Accords and cement one of the world’s most important and promising emerging trading relationships,” United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi said on Twitter (NYSE:).

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