Israel and the United Arab Emirates signed a customs agreement Sunday to boost business, trade and economic ties between the two countries.

In a statement on Twitter, the UAE’s ambassador to Israel, Mohamed Al-Khaja, said he and Israeli Foreign Minister Eli Cohen signed the customs cooperation agreement in the presence of Israeli Prime Minister Benjamin Netanyahu.

He added that today's signing will bring into force the Israel-UAE Comprehensive Economic Partnership Agreement that was signed in May last year in Dubai.

"We expect this to boost trade, improve the standard of living, and lower the cost of goods," Al-Khaja said.

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.