The Strategist

Israel and UAE sign historic free trade agreement

05/31/2022 - 10:44

Israel and the United Arab Emirates have inked a free trade deal, according to a statement from the Israeli Foreign Ministry.

"A historic agreement on a free trade zone was reached this morning in Dubai between Israel and the United Arab Emirates," the ministry said in a statement.

Israeli Economy and Industry Minister Orna Barbivai and UAE Economy Minister Abdulla bin Touq Al Marri both signed the document. The agreement exempts 96 percent of trade in food, cosmetics, medical equipment, medicines, and other items between the two countries from tariffs.

Customs processes, governmental procurement, and the protection of intellectual property rights are all covered by the agreement.

According to UAE Minister of International Trade, the UAE has become the first Arab country to negotiate a free trade agreement with Israel.