The United Arab Emirates and Israel have ratified a comprehensive economic partnership deal, UAE Minister of State for Foreign Trade Thani Al Zeyoudi announced via Twitter on Sunday.
“Another major step in our foreign trade agenda: The UAE-Israel Comprehensive Partnership Agreement has now been ratified by both governments. This deal will eliminate or reduce tariffs on 96% of products, providing a major boost to our industrial and service sectors,” said Al Zeyoudi.
“Non-oil #UAE–#Israel trade hit US$2bn in the first 9 months of 2022, up 114% from the same period in 2021. The #UAEIsraelCEPA will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security,” he added.
Israeli President Isaac Herzog visited the UAE and Bahrain earlier this month. “Now we have to…upgrade ties between us even more, to strengthen them and bring more nations into the Abraham Accords,” Herzog said.