Bilateral trade between the UAE and Israel more than doubled last year with the Emirates becoming among the top 20 trading partners of Israel.
Amir Hayek, Israel’s ambassador to the UAE, said trade jumped 109.7 per cent to $2.56 billion (Dh9.4 billion) in 2022 as compared to $1.22 billion in the previous year. This excludes software trade. The UAE is now the 16th largest trading partner out of 126 countries.
Trade between the two countries has been growing since the signing of the Abraham Accord in September 2020, especially after the signing of the Comprehensive Economic Partnership Agreement (Cepa) last year.
The Agreement 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 aim to cross $10 billion in bilateral trade in the coming years.
Not just trade, tourism has also flourished between the two countries as more than 150,000 Israeli tourists visited the UAE in the last 10 months of 2022.
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