The United Arab Emirates and Israel have ratified their comprehensive economic partnership agreement.
That's according to an announcement by UAE minister of state for foreign trade Thani Al Zeyoudi on Twitter on Sunday.
The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations.
Another major step in our foreign trade agenda: The UAE-Israel Comprehensive Partnership Agreement has now been ratified by both governments. This deal will eliminate or reduce tariffs on 96% of products, providing a major boost to our industrial and service sectors. 🇦🇪🇮🇱 pic.twitter.com/PLCjZNBN7m
— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) December 11, 2022
"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added.
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