Сustoms agreement has been signed between the UAE and Israel

The United Arab Emirates and Israel have signed an agreement on customs cooperation that will promote the expansion of trade ties and strengthen economic relations between the two countries. The document was signed by Mohammed Al Khaja, Ambassador of the United Arab Emirates to Israel, and Foreign Minister of Israel, Yair Lapid, in the presence of Prime Minister Benjamin Netanyahu in Jerusalem.

This customs agreement serves as the basis for the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022. As noted by Mohammed Al Khaja, this agreement will be a driver in strengthening economic and commercial ties between the countries and will bring significant economic benefits.

The agreement will ensure the proper application of customs legislation, accurate assessment of customs and other taxes on exports and imports, correction of customs data, and prevention of customs violations. In 2022, the volume of non-oil bilateral trade between the UAE and Israel exceeded $2.5 billion. With the new agreement coming into force, this volume is expected to significantly increase to $10 billion within five years, and also bring an additional $1.9 billion to the UAE budget.

The free trade agreement between the countries will reduce tariffs on approximately 96% of goods and allow Israeli companies to participate in government tenders in the UAE. This agreement will be a stimulus for the development of bilateral relations, which will strengthen Israel's economy.

Former Israeli Prime Minister Naftali Bennett noted that this agreement is the fastest among all similar free trade agreements in the history of Israel. He also emphasized that this is the first agreement of its kind signed between Israel and an Arab country.

Keywords: Customs agreement UAE Israel Trade relations Economic partnership Tariffs Import/export Cross-border trade Bilateral trade Free trade Commercial relations