(VOVWORLD) - The governments of the United Arab Emirates and Israel have ratified their comprehensive economic partnership agreement, two years after agreeing to normalize relations under the 2020 Abraham Accords, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on Sunday.
 Representatives of the UAE and Israel sign the bilateral Comprehensive Economic Partnership Agreement in May, 2022. (Photo: Reuters) |
The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the two, including food and other agricultural products, cosmetics, medical equipment, and pharmaceuticals.
Some products will be exempt from tax immediately.
For others, mainly industrial goods, taxes will be reduced gradually according to a schedule.
Zeyoudi said that the agreement will accelerate progress by creating opportunities in key sectors like advanced technology, renewable energy, and food security.