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Marking the end of the first year since the signing of the Abraham Agreement reached on August 13, 2020, the Israel Pavilion at Expo 2020 and the Israel Chamber of Commerce (FICC) announced the latest bilateral trade data.
According to data from Dubai Customs, the bilateral trade volume reached 250 million U.S. dollars in the first five months after the signing of the Abraham Agreement. As of Thursday, August 29, 2021, the total trade volume has reached approximately US$675 million.
The Israeli Federation of Chambers of Commerce reported today that in recent months, the total trade (import and export of goods and services) between Israel and the United Arab Emirates has reached more than 100 million U.S. dollars per month. If the current trend continues, it is expected that the trade volume will reach around US$1.5 billion by the end of 2021. This annual order is similar to Israel’s trade with countries such as Russia or Brazil.
After the Dubai World Expo, this process is expected to accelerate, and business opportunities are expected to have a direct impact; international trade exposure, and mature measures to promote trade are still in progress, for example; free trade agreements, cooperation between various commercial entities, and business entry The position of the counsellor and so on. According to the trade volume between the UAE and other non-Arab countries in the region, more than US$5 billion in orders may be seen within two to three years. This trade volume makes the United Arab Emirates, together with India and France, one of Israel’s top ten trading partners.
To date, the ten agreements and memorandums of understanding that have been signed and approved or are in the process of being approved are as follows:
- Investment agreement
- Aviation Agreement
- Financial Services Memorandum of Understanding
- Agreement between the Ministry of Finance
- Visa-free agreement (valid until 01/07/2021)
- Memorandum of Understanding on Science and Technology
- Memorandum of Understanding between Investment Authorities
- Memorandum of Understanding on Prevention of Money Laundering
- Health Memorandum of Understanding
- Double Taxation Agreement
Ze’ev Lavie, Vice President of International Relations and Business Development of the International Relations Department of the Federation of Israeli Chambers of Commerce, said: “Our main goal is to promote business development and create matching opportunities for our members. Our members are very diverse and include almost all segments. The market’s industrial, import, export, low-tech, high-tech, retail, wholesalers and service providers. FICC is eager to see what bilateral and multilateral trade opportunities will be created or facilitated by the Dubai Expo 2020 for the UAE and Israel.
“As part of the Abraham Agreement, we have close ties with the Dubai Chamber of Commerce and issued a Joint Economic Research And signed a strategic cooperation agreement. FICC has also signed a memorandum of understanding and multiple memorandums of understanding with the Abu Dhabi Chamber of Commerce Dafza and JAFZAAs well as Dubai foreign direct investment and Dubai exports.In addition, we cooperated with the Bahrain export company and signed a memorandum of understanding with the Bahrain Chamber of Commerce and Bahrain export. “
The most recent important private sector agreement occurred in March 2021; Mubadala of the UAE bought shares in Israeli natural gas fields for US$1.1 billion. Other major private sector trade contributors include the strategic cooperation agreement signed between Abu Dhabi-based Masdar and Israel’s EDF Renewables in January 2021. The renewable energy sector of the UAE investment fund Mubadala invested hundreds of millions of dollars in the development of renewable energy in Israel. Renewable energy projects. In addition, in October 2020, Israel’s state-owned Eurasian Pipeline Company (EAPC) and the UAE-based MED-RED Land Bridge (MRLB) signed a binding memorandum of understanding to store and transport oil through the EAPC pipeline network .
The Israel Pavilion and FICC at Expo 2020 Dubai will frequently issue trade announcements because it expects the number and statistics to increase frequently and significantly.
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