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Dubai (AFP) – Israel and the United Arab Emirates signed a free trade agreement on Tuesday cementing the normalization of their diplomatic relations in 2020. It is the first such pact that Israel signs with an Arab nation.
“Congratulations,” Israel’s ambassador to the United Arab Emirates, Amir Hayek, congratulated in a tweet in Arabic, adding to his message a photo showing the officials of the two countries during the signing ceremony of the agreement in Dubai.
The Emirati envoy to Israel, Mohamed Al Khaja, described as an “unprecedented achievement” the pact that abolishes customs duties on 96% of the products exchanged between both parties.
“Businesses from both countries will benefit from faster market access and lower tariffs as our nations work together to increase trade, create jobs…and deepen cooperation,” he tweeted. Khaja.
The 2020 normalization pact was part of the Abraham Accords, brokered by the United States, which also allowed Israel to establish diplomatic relations with Bahrain and Morocco.
Last year, bilateral trade between Israel and the United Arab Emirates amounted to about $900 million, according to Israeli figures.
The president of the emirate-Israeli business council Dorian Barak predicted that the exchange will soon multiply between the two regional powers.
“Trade between the UAE and Israel will exceed $2 billion in 2022, rising to around $5 billion in five years, bolstered by collaboration in the renewable energy, consumer goods, tourism and science sectors.” of life,” he said in a statement.
“Dubai is fast becoming a hub for Israeli companies looking to South Asia, the Middle East and the Far East as markets for their goods and services,” he added, anticipating that nearly 1,000 Israeli companies will work in already through the UAE at the end of the year.
Bennett calls the deal “historic”
“Israel and the Emirates signed a historic free trade agreement, the first of its kind between Israel and an Arab country,” Israeli Prime Minister Naftali Bennett wrote on Twitter.
“Under the impetus of my friend Mohamed bin Zayed (Al-Nayane, leader of the Emirates) and thanks to a lot of determination, this is the fastest free trade agreement in Israel’s history,” he continued.
The talks with a view to this understanding began in November and concluded in April after four rounds of negotiations.
Israel has already signed free trade agreements with other countries and blocs, such as the United States, the European Union, Canada and Mexico.
Tuesday’s signing came two days after thousands of Israelis marched through Jerusalem’s Old City during a parade to commemorate Israel’s seizure of East Jerusalem in 1967.
Israel’s annexation of East Jerusalem has never been recognized by the international community.
The march took place against a background of tensions between the police, Israeli demonstrators and Palestinians, who see this annual procession as a provocation.
Some 2,600 non-Muslims, tourists and Israelis, visited the Esplanade of the Mosques, one of the holiest places in Islam, on Sunday, a number much higher than usual.
The United Arab Emirates on Monday “strongly” condemned what it called an “assault” by Israel on the compound.
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