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From September 2020 to March 2022, non-oil trade between the UAE and Israel exceeded US$2.5 billion, reaching US$1.06 billion in the first three months of 2022, five times the total in the same period in 2021
Cranes move containers from ships at the Jebel Ali terminal. The UAE and Israel aim to boost bilateral trade to more than $10 billion within five years.
Bilateral trade between the UAE and Israel more than doubled in the first 11 months of this year, aided by the signing of the Comprehensive Economic Partnership Agreement (Cepa).
Amir Hayek, Israel’s ambassador to the UAE, announced the new record in bilateral trade on Twitter.
“After the first 11 months of 2022, we hit $2.357 billion (excluding software), an increase of 115.1% compared to the same period in 2021,” Hayek said.
The UAE and Israel signed the Abraham Accords in September 2020 to normalize relations and improve trade relations.
The UAE-Israel Cepa agreement signed earlier this year will further build on the exponential growth in trade and investment between the UAE and Israel since the signing of the Abraham Accords.
From September 2020 to March 2022, non-oil trade between the UAE and Israel exceeded US$2.5 billion, while reaching US$1.06 billion in the first three months of 2022, five times the total in the same period in 2021.
By reducing or eliminating tariffs on more than 96% of tariff lines and 99% of trade value, the CEPA agreement brings unprecedented economic benefits to both parties, enhances market access for exporters, attracts new investment, and creates opportunities in key industries, including Energy, environment and digital trade.
The two countries aim to boost bilateral trade to more than $10 billion within five years. The two countries are also expanding their relationship beyond bilateral trade.
Earlier this year, Etihad Credit Insurance (ECI), the UAE’s federal export credit company, also reached a historic cooperation with Israel Export Insurance Co., Ltd. to provide a buyer’s credit guarantee for the financing bank of the 540 million dirham healthcare project in Ghana, The project will see the construction of four hospitals and the first major central medical storage facility in the country.
— waheedabbas@khaleejtimes.com
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