Israel, UAE, Egypt Complete Trade Agreements

Israel, UAE, Egypt Complete Trade Agreements

Israeli Prime Minister Naftali Bennett announced that Israel and the United Arab Emirates (UAE) have completed negotiations on a bilateral free trade agreement, describing them as a "historic milestone."

The comprehensive agreement came after five months of deliberations and included issues regarding trade in goods such as regulation and standards, customs, trade in services, cooperation, government procurement, e-commerce, and the preservation of intellectual property rights.

The agreement includes 95 percent of the products traded between Israel and the UAE, which will be exempted from customs immediately or gradually, including food and agricultural products, cosmetics, medical equipment, and drugs.

The agreement is expected to enter into effect after legal advisors issue the formal legal documentation.

It will be signed by the UAE Minister of State for Foreign Trade, Thani bin Ahmed al- Zeyoudi and the Israeli Minister of Economy and Industry, Orna Barbivay.

Bennett said the issue was discussed during his last meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed and they agreed to accelerate discussions to conclude the agreement.

The Prime Minister asserted that it is an important moment in Israel and UAE relations.

"Today, the good relations that have already been forged between the two countries are being strengthened in the form of a