Israel and the United Arab Emirates have completed negotiations on a free trade agreement, the Israeli Finance Ministry and the UAE Foreign Ministry said on Friday, according to Reuters.
The trade agreement covers 95% of marketable products, which will not be subject to customs duties directly or gradually, including food, agricultural and cosmetic products, as well as medical equipment and medicines, the Israeli Finance Ministry said in a statement. .
The agreement includes customs, services, government procurement and e-commerce and will enter into force when signed by the countries’ finance ministers and ratified, the statement said, although no timetable was given.
The UAE and Israel formally established their relationship in 2020 under the US-brokered “Abrahams” agreements, which also include Bahrain and Morocco.
“This landmark agreement will build on the historic Abrahamic Agreements and establish one of the most important and promising emerging trade relations in the world,” US Undersecretary of State for Foreign Affairs Thani Al Zeyoudi said on Twitter.
Source: Capital
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