(Communicated by the Ministry of Economy and Industry Spokesperson)
Minister of Economy and Industry, Maj. Gen. (Res.) Orna Barbivay and the United Arab Emirates Minister of Economy, Abdullah bin Touq Al Marri this morning signed the first Free Trade Agreement between the two countries in Dubai.
In his tTwitter account, Israeli PM Naftali Bennett commended the historic deal - the first of its scope to be signed between Israel & an Arab state.
"Thanks to the leadership of my friend MohamedBinZayed and a lot of determination," Bennet said, "this was the fastest FTA to be signed in Israel’s history"
The comprehensive, significant and groundbreaking agreement is expected to increase trade in goods and services between the countries, increase Israeli exports to the United Arab Emirates and grant immediate or gradual tax exemption on 96% of trade between countries: food, agriculture, cosmetics, medical equipment, medicine and more.
The agreement also includes regulatory and regulatory issues, customs, cooperation, government procurement, e-commerce, and the preservation of intellectual property rights.
Minister Barbivay also signed a Memorandum of Understanding for cooperation in advanced production and will meet with ministers, senior government officials and representatives of companies and corporations to strengthen trade ties between the two countries.
The Minister of Economy and Industry, Maj. Gen. (Res.) Orna Barbivay: “This is a visit of strategic importance to the economic relationship between the State of Israel and the United Arab Emirates... Together we will remove barriers and promote comprehensive trade and new technologies, which will form a solid foundation for our common path, will contribute to the well-being of our citizens and simplify business procedures This is Israel’s first, comprehensive, Free Trade Agreement with an Arab state, which takes place so soon after the establishment of diplomatic relations.”