Israel and the United Arab Emirates signed a tax agreement on Monday to further economic cooperation jump-started in the fall of 2020 as part of the Abraham Accords, announced Israel’s Ministry of Finance.

The agreement will reduce tax rates and is based on the OECD model. It is slated to go into effect on Jan. 1, 2022.

Israel’s Finance Minister Israel Katz said the measure will help “provide certainty and favorable conditions for business activity, and will strengthen economic ties.”

Israeli Foreign Minister Gabi Ashkenazi added that “the agreement would enable significant promotion of investment and trade that will greatly help the Israeli and Emirati economies.”

While felt in the Persian Gulf, the recent conflict between Israel and Hamas in the Gaza Strip hasn’t hindered ongoing relations with the UAE.

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