Israel and the United Arab Emirates completed negotiations for a free trade area agreement

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by Ifi Reporter Category:Government Apr 1, 2022

Historical agreement: Israel and the United Arab Emirates complete negotiations for a free trade area agreement between the two countries The agreement, which is comprehensive and significant, includes, among other things, issues related to trade in goods, including regulation and regulation, customs, trade in services, cooperation, government procurement, e-commerce and protection of intellectual property rights.
The issue was discussed at a meeting between Prime Minister Naftali Bennett and heir apparent Sheikh Muhammad bin Zayed in Abu Dhabi last December, where it was agreed to speed up the signing talks, as well as at their meeting in Egypt last week.

95% of the products traded between the countries are included in the agreement and will be exempt from customs immediately or gradually: food products, agriculture, cosmetics, medical equipment, medicines and more. 
The agreement is expected to enter into force after the signature of Minister Barbibai and its emirate equivalent and the ratification process in both countries
Prime Minister Naftali Bennett: "This is an important moment in the relationship between the State of Israel and the Emirates. The good relations that have already been established between the two countries are being strengthened today in the form of a free trade agreement." "At lower prices. In my last meeting with the heir to the throne, Sheikh Muhammad bin Zayed, in Sharm el-Sheikh, we agreed to speed up the process and bring it to a conclusion within days, and so it was."
"Foreign Minister Yair Lapid welcomed the agreement that is in line with the spirit of the Negev Summit, which established continuous cooperation, continuity in communication and bringing tangible achievements that will improve the lives of the citizens of the State of Israel and the peoples of the region."
Minister of Economy and Industry, Orna Barbibai: "Since the establishment of the Avraham Agreements, the Ministry of Economy and Industry has been working to expand economic relations between Israel and the United Arab Emirates and to realize economic potential. The end of negotiations "Trade in the United Arab Emirates through the Free Trade Agreement, the Ministry's economic annexes and the additional assistance tools that the Ministry makes available to them."
The Minister of Economy and Industry, Orna Barbibai, and the Minister of State for Foreign Trade of the United Arab Emirates, Dr. Thani al-Zayudi, announced on Friday the conclusion of negotiations for a comprehensive free trade area agreement between the two countries.
In September 2020, the Avraham Agreements were signed, which established diplomatic relations between the State of Israel and the United Arab Emirates. About a year later, in November 2021, negotiations began on a free trade agreement between the parties which came to an end today, April 1, 2022.
The issue was discussed at a meeting between Prime Minister Naftali Bennett and heir apparent Sheikh Muhammad bin Zayed in Abu Dhabi last December, where it was agreed to speed up the signing talks, as well as at their meeting in Egypt last week.
The conclusion of the negotiations is a historic moment. It is a free, full, first trade agreement with an Arab state, which takes place so soon after the establishment of diplomatic relations.
The negotiations lasted five months and included four rounds of negotiations and hard work that was done by the negotiating teams on both sides, in order to complete the discussions as quickly as possible. And industry, and the negotiating team included representatives from the Ministry of Economy and Industry, the Prime Minister's Office, the Ministry of Agriculture, the Customs Administration at the Tax Authority, the Ministry of Foreign Affairs and the Ministry of Justice. The agreement, which is comprehensive and significant, includes, inter alia, issues relating to trade in goods including regulation and regulation, customs, trade in services, cooperation, government procurement, e-commerce and protection of intellectual property rights.
Relations between Israel and the United Arab Emirates have great economic potential in a variety of areas, including the geographical and cultural proximity of the nations and the unique characteristics of the United Arab Emirates, which is the second largest economy in the Arab world (after Saudi Arabia) and a multi-billion dollar import market Advanced technology and solutions in which Israel has a relative advantage.
Since the establishment of the Abrahamic Agreements, trade between the United Arab Emirates and Israel has increased significantly and in 2021 reached a volume of about $ 900 million. The potential for economic trade between the two economies is much greater and extends over many areas including the export of solutions in the field of energy, digital health and medical equipment, water (desalination / purification / savings and smart management), agricultural solutions, cyber solutions, fintech technologies and diamond exports.
Ohad Cohen, director of the Foreign Trade Administration at the Ministry of Economy and Industry, and chairman of the negotiating team on the Israeli side, stated: The desire shown by both sides to conclude the negotiations quickly and efficiently, while safeguarding the interests of the two countries, proves that this is a long-term partnership that can continue, develop and expand into other areas.

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