The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The UAE has signed a Comprehensive Economic Partnership Agreement (CEPA) with Israel. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, tweeted on Tuesday that the agreement will push the value of non-oil bilateral trade beyond $10 billion within five years.
The agreement “builds on the strong foundations laid by the Abraham Accords”, the minister tweeted.
Mohamed Al Khaja, Ambassador of the UAE to Israel, tweeted that the deal is an “unprecedented achievement”.
“Businesses in both countries will benefit from faster access to markets and lower tariffs as our nations work together to increase trade, create jobs, promote new skills and deepen cooperation,” he added.
The trade deal is Israel’s first with an Arab country.
Israel’s ambassador to the UAE, Amir Hayek, shared photos of the agreement signing ceremony.
The UAE and Israel formally established relations in 2020 as part of the US-brokered Abraham Accords that also included Bahrain and Morocco.
Last week, Dr Al Zeyoudi said bilateral trade between the UAE and Israel increased to more than $2.5 billion in less than two years after the Abraham Accords was signed.
During a panel discussion at the World Economic Forum in Davos, the minister said both countries had concluded talks on CEPA in April.
ALSO READ:
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies
The Starlight Park is a four-building freehold community in Meydan
The 22-time major champion admits his farewell tour hasn't been as enjoyable as he would have hoped
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid