Dubai: Israel and the United Arab Emirates have signed the Free Trade Agreement, Israel's first major trade agreement with any Arab country.
According to the international news agency, a free trade deal was reached between Israel and the United Arab Emirates to boost trade, which was signed by the officials of both countries in Dubai. The agreement was reached after months of negotiations.
At a ceremony, Israel's ambassador to the United Arab Emirates, Amir Hayek, confirmed the signing of the free trade agreement in a tweet. He has already called the agreement a milestone in trade development in the region.
Similarly, UAE Ambassador to Israel Mohammed Al-Khaja said that this agreement is an unprecedented achievement. Traders from both the countries will get faster access to markets at lower tariffs which will increase bilateral trade.
Doreen Barak, president of the UAE-Israel Business Council, said the trade agreement specified tax rates, imports and intellectual property, which would encourage more Israeli companies to set up offices in the UAE, especially in Dubai. ۔
It should be noted that in 2020, under the mediation of the United States, the United Arab Emirates had restored diplomatic and trade relations with Israel and bilateral trade between the two countries has increased.
