Israel, UAE ratify comprehensive economic partnership pact
The comprehensive economic partnership deal between Israel and the United Arab Emirates has been ratified, the UAE’s state minister for foreign trade, Thani Al Zeyoudi, announced on Twitter on Sunday.
96 per cent of the items moved between the countries would no longer be subject to tariffs thanks to the free trade agreement, which was first signed in May.
“Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021… [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security,” Al Zeyoudi added.
Under the Abraham Accords, which were mediated by former US president Donald Trump, relations between the UAE and Israel were normalised in 2020.
Since then, the two nations have fervently developed relationships in a variety of industries, including tourism, energy, and military and surveillance technology.
All Palestinian factions have denounced the contentious normalisation agreement, which was also signed by Bahrain and Morocco, as a betrayal of their cause.
(With inputs from agencies)
