UAE, Israel non-oil trade hits $700mln since Abraham Accords 

The two countries have signed 60 major agreements since, says UAE minister Bin Touq

  
Emirati, Israeli and American and flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates August 31, 2020. Image for illustrative purposes.

Emirati, Israeli and American and flags fly upon the arrival of Israeli and U.S. delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates August 31, 2020. Image for illustrative purposes.

REUTERS/Christopher Pike

Non-oil trade between the UAE and Israel hit $700 million in the one year after the two countries normalised relations following the signing of the Abraham Accords in 2020, said UAE Minister of Economy Abdullah bin Touq.

In addition, the two countries signed 60 major agreements at the government and private sector levels, covering industries such as science and technology, artificial intelligence, tourism, logistics, transportation, healthcare and energy, among others, to strengthen ties, Bin Touq said during virtual dialogue session with by the Washington-based think tank American Atlantic Council.

"The efforts of the two countries in this regard are continuing and the next stage will witness more agreements and memoranda of understanding to further expand the scope of economic, trade and investment co-operation between the two countries and to achieve new levels of progress in the growing relations between them," state news agency Wam reported, quoting Bin Touq.

Bin Touq also said the Expo 2020 Dubai next month would further boost UAE-Israeli relations and attract more companies from Israel to showcase their products and services. 

The UAE and Israel normalised relations after signing the Abraham Accords in September last year. The two countries have since agreed a series of deals to foster co-operation in sectors ranging from aviation to finance and defence. 

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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