Israel and the United Arab Emirates concluded talks for a free-trade agreement, the first such financial treaty between the Jewish state and an Arab one in the Middle East.
"This is an important moment in relations between" Israel and the UAE, Prime Minister Naftali Bennett said, adding that the FTA strengthens the burgeoning Israeli-Emirati ties and will "significantly upgrade economic cooperation for the benefit of the citizens of both countries."
Israel and the UAE normalized ties in 2020 through the rubric of the US-brokered Abraham Accords, pledging to build people-to-people ties based on shared projects, such as expanding economic opportunities.
The FTA will lead the way to "more trade, more jobs, and good products at lower prices," Bennett said.
Some 95% of goods produced by both countries will be covered by the agreement, including food products, agriculture, cosmetics, medical equipment, and drugs.
Bennett explained that he had discussed the agreement last month when he meet with the Emirati crown prince, Sheikh Mohammed bin Zayed, in the Egyptian resort area of Sharm El-Sheikh.
"We agreed to accelerate the process and bring it to conclusion within days, and so it was," he said.
The conclusion of talks for the agreement and the initial signatures that were placed on the document comes just days after Israel hosted four Arab Foreign Ministers, including from the UAE, and US Secretary of State Antony Blinken at a meeting called the Negev Summit.
Foreign Minister Yair Lapid said that the FTA was in the spirit of the Negev Summit, also a first of its kind for Israel.
Ministers at that meeting called for continuous cooperation that would "improve the lives of the citizens of the State of Israel and of the peoples of the region," Lapid said.
Economy and Industry Minister Orna Barvibai, who placed an initial signature on the document said that "the conclusion of the negotiations is a significant and historic milestone in bilateral relations.
"We will continue to assist the Israeli business community to establish commercial ties in the UAE via the free-trade agreement, the ministry's economic attaches, and additional assistance tools that the ministry will put at their disposal," she added, JPOST reports.
