01 Jun 2022 By Know Muslim
In Dubai, United Arab Emirates, Israel's Economy and Trade Minister Orna Barbivai and UAE Minister of Economy Abdulla bin Touq Al Marri announce the Free Trade Agreement they signed, which is the first of its kind between Israel and an Arab country. 30th of May, 2022
On Tuesday, Israel inked its first free trade agreement with an Arab country, with the UAE, which removes most barriers and intends to increase their annual bilateral cooperation to more than $10 billion.
Tariffs on 96 percent of items traded between the two countries will be eliminated or lowered. Within five years, the UAE estimated that the Comprehensive Economic Partnership Agreement will increase annual bilateral commerce to more over $10 billion.
By the end of the year, the council estimates that about 1,000 Israeli enterprises will be operating in or through the UAE.
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