(Communicated by the Ministry of Economy and Industry Spokesperson)
The Minister of Economy and Industry, Maj. Gen. (Res.) Orna Barbivay, held a virtual meeting last night (Monday, 15 November 2021) with her UAE counterpart, H.E Abdullah bin Tuk al-Marie, and officially launched the negotiations for the establishment of a Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the State of Israel.
Minister Barbivay noted in the meeting with her UAE counterpart that, "This meeting opens the door to many future meetings and that there is no doubt that this agreement will help significantly strengthen trade between the two countries, remove barriers and expand economic cooperation".
The Minister of Economy and Industry also shared her ambition that the upcoming agreement would be helpful for businesspersons from both countries and would create business opportunities for a variety of business sectors. “By doing so,” said the Minister, "I hope that we will be able to fulfill the great potential inherent in the relations and friendship between Israel and the United Arab Emirates."
The Foreign Trade Administration - Israeli Ministry of Economy & Industry notes that since the "Abraham Accords" signing, more than a year ago, the trade between the countries has increased dramatically and as of July 2021 stands at about $ 500 million in goods alone. The Foreign Trade Administration anticipates that these figures are expected to continue to grow at a rapid pace and reach much higher levels.
Mr. Ohad Cohen, the Director of the Foreign Trade Administration at the Israeli Ministry of Economy & Industry, and Head of the Israeli Negotiation Team for the Establishment of the CEPA with the United Arab Emirates has landed in Dubai yesterday (Sunday, 14 November 2021), in order to initiate negotiations for the establishment of the CEPA
From the Israeli side, the participants include The Israeli Customs Administration, the Ministry of Agriculture, the Ministry of Foreign Affairs, and the Ministry of Justice. From UAE 's side the negotiations are led by the Ministry of Economy with participants from other ministries in accordance with the negotiations working groups.
The Foreign Trade Administration stated that the negotiations should that the first round of negotiations started on Monday and will conclude on Thursday (18 November 2021).
Ohad Cohen, Director of the Foreign Trade Administration and Head of the Israeli Negotiations Team for the Establishment of the CEPA with the UAE: "We intend to conclude a meaningful and comprehensive agreement with our colleagues, which will include, among other things, issues relating to trade in goods including regulation and standardization, customs, trade in services, government procurement, digital trade, and the preservation of intellectual property rights."
Trade Statistics: The volume of trade in goods in 2020 between Israel and the United Arab Emirates was about $ 125 million, which was divided into about $ 58 million exports and about $ 67 million imports. Following the signing of the Abraham Accords, a significant growth was shown in the volume of trade in 2021. According to preliminary data from CBS, from the beginning of 2021 (January-July), the volume of trade between Israel and the United Arab Emirates stands at $ 495 million.
The export volume stands at $ 197 million, most of it in diamonds, mechanization and electrical equipment, electronics, transportation, and oils. The volume of imports stands at $ 298 million, most of them diamonds, mechanics, electrical and electronic equipment, jewelry, minerals and fuels, and oils.