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Israel, UAE sign free trade pact into effect

27 March 2023 19:46 (UTC+04:00)
Israel, UAE sign free trade pact into effect

Israel and the United Arab Emirates on Sunday signed a free trade pact into effect, reducing or removing tariffs on about 96 percent of goods traded between the nations, Israel's Foreign Ministry said.

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

The deal will also allow Israeli companies to gain access to government tenders in the UAE, the ministry said.

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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