Israel and UAE sign customs agreement

In a statement on his Twitter account, UAE Ambassador to Tel Aviv Mohammed al-Haca announced that he and Israeli Foreign Minister Eli Cohen have signed a customs cooperation agreement in Jerusalem. Israeli Prime Minister Benjamin Netanyahu was also present at the signing ceremony.

Stating that the free trade agreement signed between the two countries will take effect with the agreement, Haca said they expect bilateral trade to double, living standards to improve and prices to drop with the customs agreement.

The Israel-based newspaper The Times of Israel, in its news on the subject, wrote that the work done for the signing of the customs agreement, which is the last and most important component of the free trade agreement between Israel and the United Arab Emirates United, he continued. for months, and that the parties must carefully examine each product and decide what will be covered.

It was indicated that the agreement was intended to reduce or cancel customs duties on approximately 96 percent of trade goods between the two countries.

Netanyahu said the deal would “reduce customs clearance and lower the cost of living.”

According to the report, the agreement is expected to take effect on April 1.

Israel and the United Arab Emirates signed a free trade agreement in Dubai in May 2022.