Israel, U.A.E. Sign Free-Trade Agreement
TEL AVIV—Israel and the United Arab Emirates signed a free-trade agreement on Tuesday, with officials from both countries saying it would boost business ties less than two years after they established formal diplomatic relations in a U.S.-brokered deal.
The agreement, signed in Dubai by the Israeli economy minister and the Emirati minister of state for foreign trade, will cover 96% of bilateral trade, which stood at $885 million in 2021, according to Israel’s ministry of economy. The U.A.E.’s Minister of Trade Thani al-Zeyoudi said non-oil bilateral trade would grow to more than $10 billion within five years.