ISTANBUL

A comprehensive trade and economic pact between the United Arab Emirates (UAE) and Israel has entered into force as of April 1st, an Emirati official said on Saturday.

"Another historic moment for UAE-Israel relations, the Comprehensive Economic Partnership Agreement has now come into effect," Emirati Ambassador to Israel, Mohamed Al-Khaja, said on Twitter.

He said the agreement will contribute to deepening "trade, investment and business opportunities, and unlock a new era of cooperation" between the UAE and Israel.

The Comprehensive Economic Partnership Agreement was signed on May 31, 2022 in Dubai with a view to raising trade levels between the two countries to reach $10 billion by the end of the decade.

Bilateral trade, except the oil trade, between the UAE and Israel stood at $2.49 billion in 2022; a 90% increase from 2021, which reached $1.3 billion.

In 2020, the UAE and Israel signed a US-sponsored agreement to normalize their relations. Since then, top officials from both countries have exchanged visits and signed several bilateral agreements.

*Writing by Ahmed Asmar