Israel, UAE to ink free trade agreement on Tuesday

JERUSALEM

Israel and the United Arab Emirates (UAE) are set to sign a free trade agreement on Tuesday, the first of its kind with an Arab country, the Israeli Economy Ministry said on Monday.

The agreement will be signed in Dubai with a view to boosting trade between the two countries, the ministry said in a statement.

Under the deal, customs duties between Israel and the UAE will be eliminated on 96% of products, including food, agriculture, cosmetics, medical equipment and medicine, the statement said.

Israeli Economy and Industry Minister Orna Barbivai arrived in Dubai on Sunday to sign the agreement, according to Israeli Ambassador to UAE Amir Hayek.

In September 2020, the UAE and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries exchanged official visits by senior officials and have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.

Three other Arab states – Bahrain, Morocco, and Sudan – joined the UAE in the controversial move that came to be known as the Abraham Accords.

*Writing by Ahmed Asmar