A comprehensive trade and economic pact between the United Arab Emirates (UAE) and Israel has entered into force as of April 1st, an Emirati official said.
"Another historic moment for UAE-Israel relations, the Comprehensive Economic Partnership Agreement has now come into effect," Emirati Ambassador to Israel, Mohamed Al-Khaja, said on Twitter.
He said the agreement will contribute to deepening "trade, investment and business opportunities, and unlock a new era of cooperation" between the UAE and Israel.
The Comprehensive Economic Partnership Agreement was signed on May 31, 2022 in Dubai with a view to raising trade levels between the two countries to reach $10 billion by the end of the decade.
Bilateral trade, except the oil trade, between the UAE and Israel stood at $2.49 billion in 2022; a 90% increase from 2021, which reached $1.3 billion.
In 2020, the UAE and Israel signed a US-sponsored agreement to normalize their relations. Since then, top officials from both countries have exchanged visits and signed several bilateral agreements, AA reports.
