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Orna Barbivai, Minister of Economy and Industry of Israel, and Abdulla bin Touq Al Marri, Minister of Economy of the United Arab Emirates, in the Arab Emirates on May 31, 2022 Dubai, United Arab Emirates presented the free trade agreement they signed, the first of its kind between Israel and an Arab country. Anuj Taylor Strap Studios-GPO/Handout via REUTERS
The Manufacturers’ Association of Israel (MAI) signed a memorandum of understanding with the Ras Al Khaimah Economic Zone (RAKEZ) on Wednesday, aiming to create investment opportunities for industrial companies in both countries.
MAI deputy chief executive Hagai Edri said he hoped the agreement would lead to meaningful industrial cooperation between the two countries.
Edri said: “We see RAKEZ as a potential strategic partner that would allow Israeli industry to expand into other markets while maintaining its main industrial activity in Israel, thereby benefiting both organizations, their members and their respective economies. “
Ras Al Khaimah is the northernmost of the seven emirates in the United Arab Emirates, and its population and economy are smaller than the well-known Dubai or Abu Dhabi. RAKEZ was established in 2017 to help set up companies in Ras Al Khaimah, while MAI is an umbrella organization for Israeli industrialists in industries such as high-tech, textiles, chemicals and pharmaceuticals.
Following the normalization of relations in 2020 as part of the Abraham Accords, UAE, Israel to sign free trade agreement in May 2022 The bilateral trade volume target reaches 10 billion US dollars. The agreement came into effect in March.
Trade between the UAE and Israel has grown rapidly since the establishment of diplomatic relations between the two countries.according to Analysis by the Abraham Accord Peace InstituteIn the first five months of 2023, the bilateral trade volume between Israel and the UAE reached US$1.29 billion, an increase of nearly 42% over the same period in 2022.
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