Israel has signed a free trade pact with the United Arab Emirates (UAE), an agreement expected to accelerate economic growth in the region during the coming years.
The deal was signed by UAE Minister of Economy Abdulla bin Touq Al Marri and Israel’s Minister of Economy and Industry Orna Barbivai on May 31 in Dubai after several months of negotiations.
The deal removes or reduces tariffs on 96 percent of goods traded between the two nations. In 2021, bilateral trade was at $1.2 billion. The free trade agreement is expected to push this to over $10 billion per year within the next five years. This is the first time Israel has signed a free trade agreement with an Arab state….