Israel, UAE sign free trade pact into effect

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Israel and the United Arab Emirates have signed a free trade pact into effect, reducing or removing tariffs on about 96% of goods traded between the nations.

Israeli Foreign Minister Eli Cohen, who on Sunday gave a final signature for the tariff arrangement within the trade pact, said it would “strengthen the connection” with the UAE and that Israel was working to normalize ties with more Arab countries.

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Israel’s Foreign Ministry said the deal will also allow Israeli companies to gain access to government tenders in the UAE.

The countries first reached the agreement last May, promising to boost bilateral trade after they normalized ties in 2020 in a U.S.-brokered deal.

 

Zainab Sa’id

Source Reuters