The United Arab Emirates and Israel inked a free trade deal on Tuesday in Dubai, becoming the first Arab state to do so after normalization of ties.
“Done,” Israel’s ambassador to the UAE Amir Hayek tweeted, responding to a previous tweet in which he stated that “the UAE and Israel will sign FTA in the next hour.”
“Today we signed a Comprehensive Economic Partnership Agreement with Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years,” wrote UAE Minister of State for Foreign Trade Thani Al Zeyoudi.
The deal will abolish customs duties on “96% of the products” exchanged between the two nations, boosting exchange that have in the last year totalled some 900 million dollars.
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