(Communicated by the MFA Spokesperson)
Minister of Foreign Affairs Yair Lapid and United Arab Emirates Minister of Foreign Affairs and International Cooperation H.E. Sheikh Abdullah bin Zayed Al Nahyan, today (Tuesday, 29 June 2021) in Abu Dhabi signed a bilateral Agreement on Economic and Trade Cooperation.
The agreement was signed in an official ceremony at the UAE Ministry of Foreign Affairs after the meeting between the two foreign ministers.
Under the agreement, the governments are committed to developing economic relations and free flow of goods and services, as well as cooperation regarding trade fairs, exchanges of experts and knowledge, exchanges of delegations, cooperation in standardization and regulation, encouraging cooperation of the private sector, encouraging research and development, agro-technologies and more.
The agreement will come into effect after its ratification by both governments, after which it will remain in force for five years and will be automatically renewed for consecutive periods of five years.
With the framework of the agreement, the two sides agreed to establish a joint economic committee headed by the Ministries of Economy, which will promote the implementation of the agreement and examine ways to increase trade and remove barriers to trade.
The Ministries of Economy of both countries will be coordinators of the agreement.