Israel, UAE Finalise Milestone FTA

Trade & Policy

Israel, UAE Finalise Milestone FTA

Israel and the United Arab Emirates have concluded negotiations for a free trade agreement, Israel's Economy Ministry and the UAE foreign trade minister said, after formally establishing ties in 2020. The UAE and Israel have between US$ 600 million and US$ 700 million in bilateral trade, UAE's economy minister Abdulla Bin Touq Al Marri said in September. The latest agreement included 95% of traded products, which would be customs free, immediately or gradually, including food, agriculture and cosmetic products, as well as medical equipment and medicine, the Israeli Economy Ministry said in a statement. A separate UAE statement said the agreement would substantially reduce or remove tariffs on a wide range of goods, enhance market access for services and promote investment flows. It would also create mechanisms for small-and-medium enterprises' expansion.