March 26: On Sunday, Israel and the United Arab Emirates put into effect a free trade agreement that will reduce or eliminate tariffs on approximately 96% of goods traded between the two nations. This was announced by Israel’s Foreign Ministry.
The agreement was initially reached in May of last year and aimed to increase bilateral trade following the normalization of relations between the two countries in 2020 through a deal brokered by the United States.
The agreement will also provide Israeli companies with access to government tenders in the UAE, according to the ministry.
Eli Cohen, Israel’s Foreign Minister, gave his final signature for the tariff arrangement within the trade pact on Sunday. He stated that it would “strengthen the connection” between Israel and the UAE and that Israel was working towards normalizing relations with additional Arab countries.