UAE: UAE-Israel free trade deal will support global supply chain, food security: foreign trade minister – Gulf Digital News

UAE: UAE-Israel free trade deal will support global supply chain, food security: foreign trade minister – Gulf Digital News

The Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Israel will help support the global supply chain and food security, a top official told the Emirates News Agency (WAM).

"This CEPA comes at a critical time for the global economy. The world is beginning to emerge from the global pandemic, but challenges remain, not least as conflict and inflation threaten to stall the global recovery," said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

"The UAE-Israel CEPA will help facilitate global supply chain efficiency, including for agriculture and food products, which would have an impact on food security. It would also help facilitate the movement of natural persons, especially the business community," the minister explained.

"The UAE and Israel are now ready to build on the solid foundations to deliver a new era of opportunity and enterprise for our people – and establish a model of mutual respect, tolerance, open and candid discourse, and unity of thought and action," Al Zeyoudi emphasised.

$5 billion trade by end of 2022

The CEPA is expected to push bilateral trade to more than $10 billion within five years, which would be more than seven times increase compared to $1.4 billion worth trade