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Israel and UAE set to announce free trade agreement worth hundreds of millions

It's the first free trade arrangement between Israel and an Arab state

May 30, 2022 15:11
GettyImages-1233968737
Israeli President Isaac Herzog (L) and Emirati Ambassador to Israel Mohamed al-Khaja shake hands at the new UAE embassy in Tel Aviv on July 14, 2021. - The United Arab Emirates opened its embassy in Israel, housed in Tel Aviv's new stock exchange building, in the latest step solidifying ties after a US-brokered normalisation deal last year. The venue in the heart of Israel's financial district highlighted the central role economic cooperation has played since UAE became only the third majority Arab nation to recognise the Jewish state. (Photo by JACK GUEZ / AFP) (Photo by JACK GUEZ/AFP via Getty Images)
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Israel is set to sign a free trade agreement with the United Arab Emirates, concluding months of negotiations in a deal set to be worth hundreds of millions of dollars.

Israeli trade minister Orna Barbivai, who's travelling to Dubai to sign the agreement with Emirati ministers, said: "This is a visit of strategic importance to the economic relations between the State of Israel and the United Arab Emirates, in which I will sign the free trade agreement and promote a number of economic partnerships.

"Together we will remove barriers and promote comprehensive trade and new technologies."

The accord with the UAE is estimated to cover as much as 96 per cent of the trade between the two countries which last year was worth over £700m.

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