Israel, UAE signal free commerce pact into impact By Reuters

© Reuters. FILE PHOTO: Flags of United Arab Emirates and Israel flutter throughout Israel’s Nationwide Day ceremony at Expo 2020 Dubai, in Dubai, United Arab Emirates, January 31, 2022. REUTERS/Christopher Pike

JERUSALEM (Reuters) – Israel and the United Arab Emirates on Sunday signed a free commerce pact into impact, lowering or eradicating tariffs on about 96% of products traded between the nations, Israel’s Overseas Ministry mentioned.

The international locations first reached the settlement final Could, promising to spice up bilateral commerce after they normalized ties in 2020 in a U.S.-brokered deal.

The deal may also enable Israeli firms to realize entry to authorities tenders within the UAE, the ministry mentioned.

Israeli Overseas Minister Eli Cohen, who on Sunday gave a ultimate signature for the tariff association inside the commerce pact, mentioned it will “strengthen the connection” with the UAE and that Israel was working to normalize ties with extra Arab international locations.

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