From Enemies to Economic Partners: UAE-Israel Agreement Goes into Effect This Week


The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Israel is set to enter into force on the first of April. The CEPA, which was signed on May 31, 2021, is a significant milestone in the relationship between the two countries, which normalized diplomatic relations in September 2020.

The agreement is the second of its kind to enter into force under the UAE’s program of global economic agreements, after the Comprehensive Economic Partnership Agreement between the UAE and India came into effect on May 1, 2022. The CEPA aims to reduce or eliminate customs duties on over 96% of the types of products traded between the UAE and Israel, which represent 99% of the current value of merchandise trade.

https://medium.com/@kotasajami/from-enemies-to-economic-partners-uae-israel-agreement-goes-into-effect-this-week-ef9b50b3fd5a

The agreement is part of the new UAE strategy for trade announced in September 2021 under the name of the Global Economic Agreements Program, which aims to contribute to doubling the size of the national economy from 1.4 trillion dirhams to 3 trillion dirhams by 2030.

The CEPA is expected to significantly boost trade between the UAE and Israel. The agreement is designed to raise the level of trade between the two countries to more than $10 billion by the end of the decade, up from $1.3 billion recorded in 2021. The growth in non-oil intra-trade has already been significant, with a 90% increase recorded in 2022, amounting to $2.49 billion. Re-exports of products from Israel increased by 71.2%, while UAE non-oil exports to Israel increased by 48.6%.




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