UAE signs historic free trade deal with Israel

Mark Battersby

31st May, 2022

1 min read

The United Arab Emirates and Israel signed a free trade agreement today (31 May) in Dubai, Israel's ambassador to the UAE said on Twitter.

"Done," diplomat Amir Hayek wrote in a tweet after saying earlier, "the UAE and Israel will sign FTA in the next hour."

The agreement was signed by Israeli Minister of Economy and Industry Orna Barbiva and UAE Minister of Economy Abdulla bin Touq Al Marri, after detailed negotiations.

The trade deal is Israel's first with an Arab country.

Israel has described as "historic" the deal abolishing customs duties on "96% of the products" exchanged between the two sides.

According to Emirati Trade Minister Thani al Zeyoudi, the free trade deal will push the value of non-oil bilateral trade between Israel and the UAE beyond $10bn within five years.

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