Â© Reuters. SUBMIT IMAGE: Flags of United Arab Emirates and Israel flutter throughout Israel’s National Day event at Exposition 2020 Dubai, in Dubai, United Arab Emirates, January 31, 2022. REUTERS/Christopher Pike
JERUSALEM (Reuters) – Israel and the United Arab Emirates on Sunday signed an open market pact into result, decreasing or eliminating tariffs on about 96% of products traded in between the countries, Israel’s Foreign Ministry stated.
The nations initially reached the arrangement last May, assuring to improve bilateral trade after they stabilized incorporate 2020 in a U.S.-brokered offer.
The offer will likewise enable Israeli business to get to federal government tenders in the UAE, the ministry stated.
Israeli Foreign Minister Eli Cohen, who on Sunday offered a last signature for the tariff plan within the trade pact, stated it would “enhance the connection” with the UAE which Israel was working to stabilize ties with more Arab nations.