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As bilateral diplomatic relations show worrying signs, the last and most important component of the free trade agreement between Israel and the UAE – the Customs Agreement – was announced in Jerusalem by Foreign Minister Eli Cohen and UAE Ambassador Mohammad Hajah Signing with Prime Minister Benjamin Netanyahu in attendance.
The Israel-UAE comprehensive economic partnership agreement was signed in Dubai last May but did not come into force until today after the two countries signed a customs agreement.
The customs agreement took months to reach as both sides had to scrutinize each product and decide which ones to cover. According to the UAE, the agreement reduces or eliminates tariffs on more than 96 percent of tax lines and 99 percent of the total value of trade between the two countries.
Israel’s tax and customs authorities are among the agencies taking part in the talks.
They concluded weeks ago, but the signing ceremony waited until Netanyahu, Cohen and Kaja were all in the country at the same time.
It will take effect on April 1.
Netanyahu said the agreement would “reduce tariffs, lower the cost of living and give a shot in the arm to business activity between Israel and the UAE.”
“I believe we will continue to expand the circle of peace with Israel and with other countries in the region,” he added.
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