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Israeli Minister of Economy and Industry Orna Barbivai and UAE Minister of Economy Abdulla bin Touq Al Marri present the free trade agreement they signed on May 31, 2022 in Dubai, United Arab Emirates. Anuj Taylor Strap Studios – GPO/Handout via REUTERS
Bilateral trade between Israel and the United Arab Emirates reached $1.407 billion in the first seven months of 2022, surpassing the $1.221 billion trade between the two countries for the full year of 2021.
Amir Hayek, Israel’s ambassador to Abu Dhabi, shared the merchandise trade data, which excludes software, on Thursday. Hayek’s appointment comes nearly a year after Israel and the United Arab Emirates agreed to normalize relations with U.S. support in September 2020 as part of the Abraham Accords.
The agreement has since sparked a flurry of economic cooperation, with Israel and the UAE signing an agreement. Free trade agreement In May, after months of negotiations. It is the first trade deal of its kind between Israel and an Arab country, and annual trade between the two economies is expected to exceed $10 billion by 2027.
At the time, the UAE-Israel Business Council predicted that by the end of 2022, nearly 1,000 Israeli companies would be operating in or through the UAE.
trade also has soar Relations between Israel and other Middle Eastern countries, according to a report by the Abraham Accords Institute for Peace. The institute noted in June that trade with Jordan rose 54 percent from last year to $55 million, followed by Egypt, which rose 41 percent to $23.6 million. Morocco struck a $3.1 million trade deal with the Jewish state in May, up 94 percent from 2021. Meanwhile, Israel’s trade with Bahrain has grown from zero to $1.2 million in a year.
The Abraham Accord, brokered by the United States, was a joint agreement signed by Israel, Bahrain and the United Arab Emirates in September 2020 to normalize relations, and later included Sudan and Morocco.
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