Cranes are moving containers from vessel at Jebel Ali Terminal. The UAE and Israel are targeting to advance bilateral trade beyond $10 billion in five years.
Bilateral trade between the UAE and Israel has more than doubled in the first 11 months of this year, helped by the signing of the Comprehensive Economic Partnership Agreement (Cepa).
Amir Hayek, Israel’s ambassador to the UAE, took to Twitter to announce the new record in bilateral trade.
“After the first 11 months of 2022, we reached $2.357 billion (excluding software), an increase of 115.1 per cent compared to the same period in 2021,” said Hayek.
The UAE and Israel signed the Abraham in September 2020 to normalise relations and improve trade relations.
The UAE-Israel Cepa deal, signed earlier this year, will further build on the exponential growth in trade and investment the UAE and Israel have enjoyed since the signing of the Abraham Accords.
From September 2020 to March 2022, UAE-Israel non-oil trade surpassed $2.5 billion, while it reached $1.06 billion in the first three months of 2022 – five times the total from the same period in 2021.
The CEPA deal provides unprecedented economic benefits for both parties by lowering or eliminating tariffs on more than 96 per cent of tariff lines and 99 per cent value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries, including energy, environment, and digital trade.
The two countries are targeting to advance bilateral trade beyond $10 billion in five years. The two nations are expanding their ties beyond bilateral trade as well.
Earlier this year, Etihad Credit Insurance (ECI), the UAE Federal export credit company, also entered into a historic collaboration with Israel Export Insurance Corporation Limited to provide buyer’s credit guarantees to the funding bank for Ghana’s Dh540 million healthcare project, which will see the construction of four hospitals and the first main central medical storage facility in the country.
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