Potential Breakthrough: Israel and UAE Set to Sign Historic Deal

Jewish media reported that the UAE and Israel are to sign a customs agreement that will activate the free trade zone agreement between the two parties, reduce customs duties and eliminate some of them.

In detail, Jewish media have mentioned that Israeli Foreign Minister Eli Cohen and Emirati Ambassador Muhammad Mahmoud Al-Hajja are due to sign a customs agreement next Sunday that works to activate a free trade zone agreement between the two countries. and reduce customs duties and eliminate some of them, on about 96% of products, and Israeli companies will be allowed access to government tenders in the UAE.

It was noted that the signing of the customs agreement will allow the free trade zone agreement between the two countries, which was signed in May 2022, to come into force.

It is worth noting that the trade turnover between Israel and the UAE in 2022 amounted to more than $2.5 billion (excluding software and services), and with the entry into force of the free trade zone agreement, Tel Aviv expects that the volume of trade between the two countries of the parties increase significantly.

Eli Cohen commented on the news, saying, “The political significance of the Abraham Accords is being recognized and today is also a day of celebration for the Israeli economy and Israeli citizens. A free trade agreement with the UAE will boost diplomatic relations and strengthen the Israeli economy.”

And he added: “I thank the employees of the Ministry of Foreign Affairs and the Ministry of Finance and Customs for their hard work so that we can reach this moment, and I promise that the Ministry of Foreign Affairs will continue to work in every way. strengthen relations with the countries of the Abraham Accord and expand the circle of peace.”

Source: “i24”