- Barbifai: Customs exemption for 95% of goods exchanged between the two countries
Dubai: Farouk Fayyad
revealed d. Thani Al Zeyoudi, Minister of State for Foreign Trade, said that the United Arab Emirates and Israel have ended the comprehensive economic partnership talks, and the agreement is ready to be signed in another important step to strengthen relations under the umbrella of the Abrahamic agreements.
Al Zeyoudi added via Twitter: “This agreement represents a promising era for trade and investment between the two countries, and the new agreement will open promising prospects for the business community and promote sustainable economic growth.”
Al-Zeyoudi explained: The economic agreement will create wider opportunities for cooperation in priority sectors, such as agricultural and medical technology, advanced energy and advanced technology.
In turn, Orna Barbivai, Minister of Economy and Industry of Israel, said: It is a great honor to conclude today negotiations to conclude a full and comprehensive free trade agreement with the United Arab Emirates. Adding: The comprehensive economic agreement is the first of its kind with an Arab country. So that 95% of the goods exchanged between the two countries were exempted from customs duties.
The volume of trade exchange between Dubai and Israel during the last five months of 2021 amounted to one billion dirhams, according to a recent statistic of Dubai Customs, which revealed the volume of trade between the two countries, which amounted to 6,217 thousand tons, distributed about 325 million dirhams in imports with a quantity of 718 tons, and 607 million dirhams in exports with a quantity 5.4 thousand tons, and 98.7 million dirhams “crossing” with a quantity of 52.4 tons.
The value of intra-UAE trade with Israel amounted to more than 3.5 billion dirhams until the end of September 2021, and the value of non-oil foreign trade between the two countries exceeded 2.9 billion dirhams during the first nine months of 2021.