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The UAE-Israel Comprehensive Economic Partnership Agreement, which promises to boost bilateral trade between the UAE and Israel to more than $10 billion over five years, will come into force on April 1, 2023.
This means that more than 96% of product lines will have tariffs removed or reduced, covering 99% of the value of goods currently traded between the UAE and Israel.
Signed on May 31, 2022, the UAE-Israel CEPA is the second new foreign trade agreement ratified by the UAE following the successful launch of the UAE-India CEPA in May 2022.
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In addition to the new tariff structure, the agreement with Israel removes unnecessary trade barriers, improves market access for service providers, creates opportunities for government procurement, provides SMEs with a platform to expand internationally, and provides digital Trade establishes parameters, protects intellectual property rights, and establishes transparent trade remedy mechanisms.
In 2022, the bilateral non-oil trade volume will reach 2.49 billion US dollars, an increase of 90% over 2021, of which Israel’s re-exports will increase by 71.2%, and non-oil exports to Israel will increase by 48.6%. — trade arab news agency
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