Israel and UAE sign free trade agreement

TEL AVIV (Agencies): After five months of negotiations, Israel and the United Arab Emirates signed on Friday a free trade agreement between the two countries, hailed as a “significant and historic milestone.”
On Tuesday, Economy Minister Orna Barbivai met in Jerusalem with Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Fore-ign Trade, for the fourth and final round of talks.
The two signed the agreement at the David Citadel Hotel in Jerusalem on Friday.
“Since the establishment of the Abraham Accords, the Economy and Industry Ministry has been working to expand economic relations between Israel and the United Arab Emirates and to realize its economic potential,” said Barbivai.
“The finalization of the negotiations is a significant and historic milestone in the relationship between the countries and we will continue to assist the Israeli business community in establishing trade relations in the United Arab Emirates,” she added.
The agreement will officially take effect following a ratification process in both countries. Government lawyers are currently drawing up the detailed documents needed to put the agreements into practice.
The “comprehensive” agreement covers regulation, customs, services, government procurement, e-commerce and protection of intellectual property rig-hts, the Economy Ministry said in a statement.
Some 95% of products traded between the countries, including food, agriculture, cosmetics, medical equipment and medication, will be exempt from customs duty, according to the statement. A number of products will be exempt immediately, while others will gradually be granted exemptions.
Trade between the countries reached $900 million in 2021, the first full year after the signing of the Abraham Accords. That figure is expected to grow significantly.