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Israel and the United Arab Emirates signed a free commerce settlement in Dubai at present. The deal will instantly take away 96% of customs duties on traded items between Israel and the UAE. The 2 nations imagine it can increase commerce associated to power, expertise and a wide range of different sectors.
Israel-UAE relations have constantly strengthened because the two normalized their relations in 2020 as a part of the Abraham Accords, which was brokered by US President Donald Trump’s administration. The next is a timeline of the most important milestones in Israel-UAE ties, together with financial agreements that preceded the free commerce deal:
September 2020: Israel and the Emirates set up a joint physique to work collectively on investments. The Israel Movie Fund and the Abu Dhabi Movie Fee additionally signal a cooperation settlement.
December 2020: The Dubai Multi Commodities Middle Authority opens an workplace in Israel’s diamond change within the metropolis of Ramat Gan.
April 2021: The official Emirates Information Company launches a Hebrew-language version.
June 2021: Israel opens its embassy in Abu Dhabi.
July 2021: The UAE opens its embassy in Tel Aviv, declining to determine it in Jerusalem, which each Israel and the Palestinian Authority think about their capital.
September 2021: The Emirati sovereign wealth fund Mubadala buys a stake within the Tamar gasoline area off the coast of Israel.
October 2021: The Emirati and Israeli area companies conform to cooperate on area missions.
November 2021: The Israeli and Emirati militaries take part in a joint naval train alongside the USA and Bahrain.
December 2021: Israeli Prime Minister Naftali Bennett turns into the primary Israeli chief to go to the UAE.
February 2022: The Israel Diamond Alternate opens a consultant workplace in Dubai.
March 2022: Israel’s Electrical Firm and the Dubai-based Energroup pledge to develop clear hydrogen collectively. The Israeli and Emirati governments additionally agree to acknowledge motorized vehicle driving licenses
Know extra: Commerce between Israel and the UAE in 2020 amounted to round $180 million. By November of final yr, the determine reached $700 million.
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