Israel and the United Arab Emirates (UAE) are set to sign a free trade agreement on Tuesday, the first of its kind with an Arab country, the Israeli Economy Ministry said on Monday.
The agreement will be signed in Dubai with a view to boosting trade between the two countries, the ministry said in a statement.
Under the deal, customs duties between Israel and the UAE will be eliminated on 96% of products, including food, agriculture, cosmetics, medical equipment and medicine, the statement said.
Israeli Economy and Industry Minister Orna Barbivai arrived in Dubai on Sunday to sign the agreement, according to Israeli Ambassador to UAE Amir Hayek.
Read more: Abraham Accords marks one year, UAE, Israel eye vested economic perks
In September 2020, the UAE and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries exchanged official visits by senior officials and have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.
Three other Arab states – Bahrain, Morocco, and Sudan – joined the UAE in the controversial move that came to be known as the Abraham Accords.
🔴 #BREAKING (via Reuters): Israel & United Arab Emirates to sign free trade deal tomorrow!
The #UAE and #Israel formally established relations in 2020 as part of the U.S.-brokered #AbrahamAccords. The trade deal will be Israel's first with an Arab country.
— Arsen Ostrovsky (@Ostrov_A) May 30, 2022
A new era for the Middle East will be charted Tuesday when the UAE and Bahrain sign agreements to recognise Israel, in a move that shatters the Arab world’s consensus on the Palestinian cause.
A jubilant President Donald Trump and Israeli Prime Minister Benjamin Netanyahu are to sign the so-called Abraham Accords — a reference to the common traditions of Islam, Judaism and Christianity — at a White House ceremony.
Read more: UAE-Israel ties after one year: Fintech and fighter jets
Alongside them will be foreign ministers from the two Gulf states who will ink a deal that is expected to sketch out a highly fruitful collaboration among some of the Middle East’s biggest economies, stretching across security, business, energy and science.
Anadolu with additional input by GVS News Desk