Israel signs UAE free trade deal, its first with an Arab state

According to a report by the foreign news agency Reuters, the agreement was signed after months of negotiations.

Mohammed al-Khawaja, the UAE’s ambassador to Israel, called the deal an “unprecedented success.”

“Both countries will benefit from faster access to business markets and lower tariffs. The two countries are working together to increase trade, increase employment, develop new capabilities and strengthen cooperation,” he said.

UAE Dorian Barak, president of the Israel Business Council, said the trade agreement clarified tax rates, intellectual property and imports, which would encourage Israeli companies to set up offices in the UAE, and Dubai in particular.

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The council predicts that about 1,000 Israeli companies will operate in or around the UAE, South Asia, the Far East and the Middle East.

Prior to the signing of the agreement, the Israeli Ministry of Economy said that the agreement would eliminate tariffs on food items, agriculture, cosmetics, medical equipment and medicines.

“Together we will end the resistance and promote trade and technology on a large scale. The agreement will pave the way for a stronger common path,” said Israeli Minister of Economy and Industry Orna Barbie.

He said that this agreement would help in the welfare of the citizens and ease of doing business.