Abu Dhabi: UAE and Israel sign important customs cooperation agreement. The new customs cooperation agreement signed by Israel and the UAE will reduce customs duties on ninety-six percent of products. The agreement will also help to increase Israel-UAE bilateral trade. Israel’s Prime Minister Benjamin Netanyahu, Foreign Minister Ilikohan, and UAE’s Israeli Ambassador Mohammad Al Khaja announced the deal. The agreement aims to increase bilateral trade between the two countries to ten billion dollars in the next five years.
Israeli Prime Minister Benjamin Netanyahu said that the goal of implementing a free trade agreement between the UAE and Israel can be achieved through the customs cooperation agreement. The agreement will help in reducing tax duty and cost of living. In addition, Netanyahu assessed that the agreement will lead to the strengthening of trade between the two countries. The CEPA signed between Israel and the UAE is expected to be useful in strengthening trade relations.
Israel’s Foreign Minister noted that the agreement is expected to improve the standard of living in both countries and reduce the cost of goods. The UAE is among Israel’s top twenty trading partners. The UAE ranks sixteenth among Israel’s 126 trading partners.
STORY HIGHLIGHTS: UAE, Israel sign deal to lower customs duties on 96% of products