The UAE and Israel will sign a free trade agreement in Dubai on Tuesday in a move aimed at boosting trade between the two countries, Israel's Economy Ministry said on Monday.
The ministry said customs duties will be eliminated on 96 per cent of products, including food, agriculture, cosmetics, medical equipment and medicine, and includes regulation, customs, services and government procurement.
The deal represents a promising trade and investment era between the 2 countries, opens new horizons for the business community and promotes sustainable economic growth.
It would substantially reduce tariffs on a wide range of goods, enhance market access for services and promote investment flows. It would also create mechanisms for small-and-medium enterprises' expansion.
The UAE-Israel free trade agreement would cement one of the world’s most important and promising emerging trading relationships. It is aimed at boosting trade between the two countries in goods and services and increasing Israeli exports to the UAE
The UAE and Israel formally established relations in 2020 as part of the US-brokered Abraham Accords that also included Bahrain and Morocco. The trade deal is Israel's first with an Arab country.
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