Israel today signed a free trade agreement with the United Arab Emirates, the first major trade agreement with an Arab state and a move aimed at boosting relations between the two Middle Eastern states.
The agreement was signed by Israeli Economy and Industry Minister Orna Barbiva and her Emirati counterpart Abdullah bin Tuk al-Marie, after months of negotiations.
“It’s done,” Israeli Ambassador to the Emirate Amir Hayek wrote on Twitter in an earlier post saying “the United Arab Emirates and Israel will sign a free trade agreement within the next hour.”
For the oil-rich Emirates, the agreement with Israel is the second bilateral free trade agreement they sign, after the one with India in February. The country is in negotiations to conclude similar agreements with other countries, such as Indonesia and South Korea.
The Emirates is seeking such deals to boost its economy following the pandemic hit.
Israel and the United Arab Emirates established diplomatic relations in September 2020, following US intervention, changing the policy pursued for decades by Arab countries, which refused to recognize Israel before the creation of a Palestinian state.
In the same year, Bahrain and Morocco also recognized Israel.
SOURCE: AMPE
Source: Capital
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