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Emirates is now Israel’s 16th largest trading partner
Bilateral trade between the UAE and Israel more than doubled last year, with the UAE among Israel’s top 20 trading partners.
Israel’s ambassador to the UAE, Amir Hayek, said trade would increase by 109.7 percent to $2.56 billion (Dh9.4 billion) in 2022, compared to $1.22 billion last year. This excludes software trade. The UAE is now the 16th largest trading partner out of 126 countries.
Trade between the two countries has been growing since the signing of the Abraham Accords in September 2020, especially after the signing of the Comprehensive Economic Partnership Agreement (Cepa) last year.
By reducing or eliminating tariffs on more than 96% of tariff lines and 99% of trade value, the agreement brings unprecedented economic benefits to both parties, enhances market access for exporters, attracts new investment, and promotes economic growth in key industries, including energy. Industry creates opportunity, environment and digital trade. The two countries aim to have a bilateral trade volume of over US$10 billion in the next few years.
It’s not just trade, tourism between the two countries is also booming, with more than 150,000 Israeli tourists visiting the UAE in the final 10 months of 2022.
— waheedabbas@khaleejtimes.com
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