Dubai June 1, 2022:

Israel and UAE sign a free trade agreement on May 31, 2022. The pact aims to boost ties between the two countries by eliminating most tariffs and lifting their annual bilateral trade to more than $10 billion within five years. As per the official data, Emirati-Israeli trade records stood at $1.2 billion in 2021.

Tariffs will be removed or reduced on 96% of goods traded between the nations including foods, medicine, diamonds, fertilizers, jewelry and chemicals.

The agreement was signed in Dubai by Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al-Marri after months of negotiations.

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