UAE-Israel trade deal to be signed this month

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UAE-Israel trade deal to be signed this month

The UAE and Israel are set to seal the deal on trade and investment before the end of the month as the two countries continue to expand their economic cooperation.

“After India and Indonesia, the #UAE and #Israel are looking forward to conclude the Comprehensive Economic Partnership Agreement (CEPA) before the end of the month,” UAE’s ambassador to Israel, Mohamed Al Khaja, tweeted on Wednesday.

In November, Israel and the UAE began talks on a trade and economic cooperation agreement, just months after the UAE talked with India.

Hamad Buamim, President and CEO of Dubai Chambers, said that the agreement has the potential to drive Israel into the UAE’s top ten economic partners, boosting commerce and investment significantly between the two countries.

The UAE has been working on strengthening ties with important partners. Aside from Israel, the country is now negotiating a CEPA with Indonesia, the largest economy in Southeast Asia.

A similar deal is also being negotiated with South Korea to be finalized by the end of 2022. The deal with South Korea intends to boost the two nations’ economic partnership to at least $20 billion in the next three to five years. BKM/ Expat Media


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