The Zionist entity and the United Arab Emirates have concluded negotiations for a free trade agreement, Israeli Economy Ministry and the UAE foreign trade minister said on Friday after formally establishing ties in 2020.
The UAE and ‘Israel’ have between $600 million and $700 million in bilateral trade, UAE’s economy minister Abdulla Bin Touq Al Marri said in September.
The UAE and ‘Israel’ formally established relations in 2020 as part of the U.S.-brokered Abraham Accords that also included Bahrain and Morocco.
The latest agreement included 95% of traded products, which would be customs free, immediately or gradually, including food, agriculture and cosmetic products, as well as medical equipment and medicine, the Israeli Economy Ministry said in a statement.
The agreement included regulation, customs, services, government procurement and electronic trade and would come into effect when signed by the two economy ministers and ratified, the statement said, though no timetable was given.
A separate UAE statement said the agreement would substantially reduce or remove 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.
“This milestone deal will build on the historic Abraham Accords and cement one of the world’s most important and promising emerging trading relationships,” United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi said on Twitter.
On the other hand, the Zionist defense minister Benny Gantz said that more Palestinian attacks in light of Beersheba, Khdeira and Bani Brak operations.
It is worth noting that Diyaa Hamarsheh carried out on Tuesday a shooting attack in Bani Brak area, Tel Avivi, killing five settlers and seriously injuring two others.
On March 22, 2022, the Palestinian ex-prisoner Mohammad Ghaleb Abu Qiaan carried out a dual car ram and stab attack on a number of Zionist setters in Beersheba, southern occupied Al-Quds, killing four of them.
Moreover, two ‘Israelis were killed in a heroic martyrdom attack in the city of al-Khedira on Sunday in the northern part of the occupied Palestinian territories.