Israel and the United Arab Emirates have reached an agreement on a free trade agreement between the two countries. The agreement includes issues related to trade in goods, including regulation and regulation, customs, trade in services, cooperation, government procurement, e-commerce and protection of property rights.
The negotiations lasted five months and included four rounds of negotiations and hard work that was done by the negotiating teams on both sides, in order to complete the discussions as quickly as possible. And industry, and the negotiating team included representatives from the Ministry of Economy and Industry, the Prime Minister’s Office, the Ministry of Agriculture, the Customs Administration at the Tax Authority, the Ministry of Foreign Affairs and the Ministry of Justice.
Since the establishment of the Abrahamic Agreements, trade between the United Arab Emirates and Israel has increased significantly and in 2021 reached a volume of about $ 900 million.
Prime Minister, Naftali Bennett“This is an important moment in the relationship between the State of Israel and the Emirates. The good relations that have already been established between the countries are being strengthened today in the form of a free trade agreement, which will significantly upgrade economic cooperation for the benefit of the two countries “Last with the regent, Sheikh Muhammad bin Zayed, in Sharm el-Sheikh, we agreed to speed up the process and bring it to a conclusion within days, and so it was.”
Minister of Economy and Industry, Orna Barbibai“Since the establishment of the Avraham Agreements, the Ministry of Economy and Industry has been working to expand economic relations between Israel and the United Arab Emirates and to realize its economic potential. The end of negotiations is a significant and historic milestone in relations between the countries. The freedom, the financial appendices of the ministry and the additional assistance tools that the ministry makes available to them. “
Key benefits of the agreement:
The scope of mutual benefits on products that have been agreed between the parties covers more than 95% of the customs numbers of both parties and includes, among other things, reductions in tariffs on almost all industrial products as well as benefits in food and agriculture products.
The agreement also promotes the field of trade in services between the countries, by ensuring regulatory certainty in areas such as e-commerce, professional and business services, distribution services (wholesale and retail), computing and more.
Now that the negotiations are over, the agreement will go into legal editing, then be signed by the ministers and undergo a process of ratification in each of the countries, after which it will enter into force, when it is expected to help increase bilateral trade, expand economic ties and realize the great economic trade potential. In relations between Israel and the United Arab Emirates.
Source: Maariv.co.il – פוליטי – מדיני by www.maariv.co.il.
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