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DUBAI, May 31 (Reuters) - Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first with an Arab state and one which eliminates most tariffs and aims to lift their annual bilateral trade to more than $10 billion.
It was signed in Dubai by Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations.
Tariffs will be removed or reduced on 96% of goods traded between the nations. The UAE predicted the Comprehensive Economic Partnership Agreement would boost annual bilateral trade to more than $10 billion within five years.
Emirati-Israeli trade stood at $1.2 billion in 2021, official Israeli data showed.
Tariffs will be reduced on goods including food, medicine, diamonds, jewelry, fertilisers and other chemicals.
Most duties are to be eliminated immediately, while others will be removed over 3-5 years. Some products will still be subject to customs tariffs but at a lower rate.
Emirati trade minister Thani Al Zeyoudi said the deal had written "a new chapter in the history of the Middle East".
"Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region," he wrote on Twitter.
Barbivai said in a statement the expected strengthening in trade, removal of barriers and promotion of new business opportunities and partnerships would form a "solid foundation" for the "joint path" shared by Israel and the UAE.
The trade agreement defined tax rates, imports and intellectual property, which would encourage more Israeli companies to set up offices in the UAE, particularly in Dubai, said Dorian Barak, president of the UAE-Israel Business Council .
www.reuters.com
UAE trade deals with India, Israel hold potential for extensive trilateral cooperation
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It was signed in Dubai by Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations.
Tariffs will be removed or reduced on 96% of goods traded between the nations. The UAE predicted the Comprehensive Economic Partnership Agreement would boost annual bilateral trade to more than $10 billion within five years.
Emirati-Israeli trade stood at $1.2 billion in 2021, official Israeli data showed.
Tariffs will be reduced on goods including food, medicine, diamonds, jewelry, fertilisers and other chemicals.
Most duties are to be eliminated immediately, while others will be removed over 3-5 years. Some products will still be subject to customs tariffs but at a lower rate.
Emirati trade minister Thani Al Zeyoudi said the deal had written "a new chapter in the history of the Middle East".
"Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region," he wrote on Twitter.
Barbivai said in a statement the expected strengthening in trade, removal of barriers and promotion of new business opportunities and partnerships would form a "solid foundation" for the "joint path" shared by Israel and the UAE.
The trade agreement defined tax rates, imports and intellectual property, which would encourage more Israeli companies to set up offices in the UAE, particularly in Dubai, said Dorian Barak, president of the UAE-Israel Business Council .
Israel, UAE boost ties with free trade pact
Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first with an Arab state and one which eliminates most tariffs and aims to lift their annual bilateral trade to more than $10 billion.
UAE trade deals with India, Israel hold potential for extensive trilateral cooperation
‘UAE trade deals with India, Israel hold potential for extensive trilateral cooperation’: Naor Gilon
Israeli envoy Naor Gilon said the Abraham Accords have been “a significant turning point in creating numerous opportunities and promoting peace and prosperity for all”.
