Israel, UAE Finalise Milestone FTA


Israel and the United Arab Emirates have concluded negotiations for a free trade agreement, Israel’s Economy Ministry and the UAE foreign trade minister said, after formally establishing ties in 2020. The UAE and Israel have between US$ 600 million and US$ 700 million in bilateral trade, UAE’s economy minister Abdulla Bin Touq Al Marri said in September.

Also Read  US Buyers To Increase Sourcing From Bangladesh Over Next 2 Years: USFIA

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.

Also Read  India Should Explore Trade Deal With AfCFTA: Commerce Secy

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.

Also Read  India To Finalise Terms Of FTA With GCC Soon


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.