Israel’s Ministry of Economy and Industry and the United Arab Emirates (UAE) foreign trade minister said the two countries have concluded negotiations for a free trade agreement.
The UAE’s economy minister Abdulla Bin Touq Al Marri said in September that the UAE and Israel have between $600m and $700m in bilateral trade.
As part of the US-brokered Abraham Accords that also included Bahrain and Morocco, the UAE and Israel formally established relations in 2020.
The Israeli economy ministry said in a statement on Friday that the latest agreement included 95 percent of traded products, which would be customs free – immediately or gradually – including food, agriculture and cosmetic products, as well as medical equipment and medicine.
Though no timetable was given, the statement said that the agreement included regulation, customs, services, government procurement and electronic trade and would come into effect when signed by the countries’ economy ministers and ratified.
Talks for a free trade agreement had been ongoing since November.