March 27, 2023
1 min read

Israel-UAE FTA takes effect

Officials from both countries signed a customs agreement on Sunday, enabling the free trade agreement signed in May 2022 to come into effect…reports Asian Lite News

A free trade agreement between Israel and the United Arab Emirates (UAE) has come into effect, the first such economic deal the Jewish state reached with an Arab country.

Officials from both countries signed a customs agreement on Sunday, enabling the free trade agreement signed in May 2022 to come into effect, an official statement said.

The customs agreement was signed by Israeli Foreign Minister Eli Cohen and UAE Ambassador to Israel Mohamed Al Khaja in the presence of Netanyahu, reports Xinhua news agency.

According to the statement, the free trade deal is expected to reduce customs duties and lower the cost of living while increasing business between the two countries.

Additionally, Israeli companies will gain access to UAE government tenders, it added.

“The taking effect of the free trade agreement is important news for the Israeli economy, for the strengthening of ties with the UAE and is further testament to the importance of the Abraham Accords,” Cohen said.

The Abraham Accords are a series of US-brokered deals Israel reached with the UAE, Bahrain and Morocco in 2020 to establish diplomatic relations.

According to the Israeli Foreign Ministry, the UAE is Israel’s 16th largest trading partner, with bilateral trade volume reaching over $2.5 billion in 2022.

Israel is currently in talks with Bahrain to sign a free trade agreement.

ALSO READ: UAE participates in G20 meet on finance

Previous Story

UAE President, VP exchange Ramadan greetings

Next Story

Water security will be core part of COP28: Minister

Latest from -Top News

Pakistan Slams IWT Move as ‘Act of War’

Islamabad also said that India’s decision to suspend the Indus Waters Treaty (IWT) will be considered as an “act of war”…reports Asian Lite News The high-level emergency meeting of Pakistan’s National Security

Modi: We’ll Hunt Them Down

The Prime Minister thanked nations that extended support to India in the aftermath of the terror attack…reports Asian Lite News In his first address after the horrific terror attack in Pahalgam, Jammu

Moscow Steps Up Afghan Diplomacy

Russia sees a potential economic partner in the Taliban authorities, who praised Moscow for scrapping the “terrorism” label last week…reports Asian Lite News Russia has announced that it will elevate the Afghan

World leaders condemn Kashmir terror attack 

Strong messages of condemnation of the terror attack came from leaders in different parts of the world including the US, Russia, UAE, Israel, Singapore, France, Sri Lanka and Iran  World leaders strongly

India downgrades ties with Pakistan 

The decision — which also included the downgrading of diplomatic ties with Pakistan — came after a meeting of the Cabinet Committee on Security (CCS), chaired by the PM   India on
Go toTop

Don't Miss

India, Israel join for develop dual use tech for defence

India and Israel signed an agreement on Tuesday for development

UN experts seek sanctions, arms embargo against Israel

The group of experts called for an independent probe into