UAE, Israel sign free trade deal

The UAE signed a free trade agreement with Israel on Tuesday, aimed at boosting economic ties between the two countries.

It was signed by UAE Minister of Economy Abdulla bin Touq Al Marri and Israel's Minister of Economy and Industry Orna Barbiva.

Taking to Twitter, Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said it will "push the value of our non-oil bilateral trade beyond $10 billion within five years".

"Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region," he added.

Today we signed a Comprehensive Economic Partnership Agreement with #Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years. 🇦🇪🇮🇱 pic.twitter.com/j5g1Q30eI4

— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) May 31, 2022

"Done," Israel's Ambassador to the UAE Amir Hayek said on Twitter, replying to another tweet he posted earlier saying "the UAE and Israel will sign FTA in the next hour".

The deal with Israel is the second bilateral free trade agreement for UAE, after signing a similar accord with India in February.

The UAE and Israel formally established relations in 2020 as part of the US-brokered Abraham Accords that also included Bahrain and Morocco.

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