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After months of negotiations, the agreement was signed in Dubai.
“Done”, Israeli Ambassador to Israel UAE Amir Hayek said on Twitter, replying to another tweet he posted earlier, saying ” United Arab Emirates Israel will sign Free trade agreement within the next hour. ”
UAE-Israel President business council Dorian Barack Said the trade agreement, which defines tax rates, imports and intellectual property rights, will encourage more Israeli companies to set up offices in the UAE, especially in Dubai. The committee predicts that by the end of this year, nearly 1,000 Israeli companies will be operating in or through the UAE, with operations in South Asia, the Far East and the Middle East.
“The domestic market doesn’t represent the full spectrum of opportunities. Opportunities do build in Dubai to target a wider area, as many companies do,” Barak told Reuters by phone.
Before the signing, Israel’s Ministry of Economy had said the agreement would eliminate tariffs on food, agriculture, cosmetics, medical equipment and medicines.
“Together, we will remove barriers and promote comprehensive trade and new technologies, which will lay a solid foundation for our common path, promote the well-being of our citizens and make doing business easier,” said Israeli Minister of Economy and Industry Olna. Biwai said Monday.
The agreement was signed amid escalating Israeli-Palestinian violence.
The UAE’s foreign ministry on Monday condemned the attack on the Al-Aqsa compound in Jerusalem by “extremist settlers under the protection of the Israeli army”.
In its written statement, the foreign ministry also demanded that “the Israeli authorities take responsibility for reducing escalation and ending all attacks and practices that have contributed to the continuation of tensions, while stressing the need for maximum restraint to avoid further instability.”
On the same day, invited media were told they could no longer attend the signing ceremony. No reason was given for the sudden change.
Al-Aqsa is the third holiest site in Islam and is revered in Judaism as the Temple Mount – the remains of two ancient temples in which they believed.
Israel’s Babiwai told Israel Radio on Tuesday that she had not heard “anything unusual” about the violence in Al-Aqsa so far during her visit to the UAE.
For the oil-rich UAE, the deal with Israel is the second bilateral free trade agreement after a similar one with India in February. It is in bilateral trade talks with several other countries, including Indonesia and South Korea.
The UAE has been actively pursuing these deals to strengthen its economy and position as a major commercial hub after being hit by the coronavirus pandemic.
Israel and the UAE forged links in September 2020 in a US-brokered deal that broke with decades of Arab policy calling for the creation of a Palestinian state before links with Israel.
Bahrain and Morocco also recognized Israel that same year.
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