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Israel – UAE Free Trade Agreement
On May 30th the first Arab state and Israel free trade agreement was signed, the agreement aims to eliminate and lift bilateral trade for more than 96% of the good traded between the two nations. The goods include food, agriculture, cosmetics, medical equipment and medicine, the agreement would boost bilateral trade to more than $10 billion within five years.
This deal came after a series of diplomatic deals in 2020; the Abraham Accords normalized relationships between four Muslim countries (the U.A.E., Morocco, Bahrain, and Sudan) and Israel, marking a major diplomatic breakthrough to promote citizens well-being and economic prosperity.
U.A.E.’s Minister of Trade Thani al-Zeyoudi further supported the new relationship by noting that “Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region”.
The free trade agreement is being praised as “historic” for its fast negotiation and implementation time, considering these two countries once considered enemies only recently in 2020 signed a peace agreement that would normalize diplomatic relationships and discussions.
Contirbutor: Josue Delgado
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