On Tuesday, Israel signed a major free trade agreement with the United Arab Emirates. It is the first big trade aimed to boost trade between the two Middle East nations that was signed in Dubai after months of negotiation.
Israel’s Ambassador to the UAE Amir Hayek said on Twitter, “Done” replying to his previous post, “the UAE and Israel will sign FTA in the next hour”.
Dorian Barak, President of the UAE-Israel Business Council said that the FTA states the tax rates, imports, and intellectual property that will encourage Israeli companies to set up their offices in UAE, especially in Dubai.
He said, “The domestic market doesn’t represent the entirety of the opportunity. The opportunity is really set up in Dubai, as many companies have, in order to target the broader region”.
According to the council, there might be 1,000 Israeli companies working in UAE by the end of the year involved in business with South Asia, the Far East, and the Middle East.
The agreement is signed amid Israeli-Palestinian violence. Ahead of the deal, the economy mister of Israel said the accord will remove tariffs on agriculture, food, cosmetics, medical equipment, and medicines.