Fri 01-04-2022 17:48 PM
ABU DHABI, 1st April, 2022 (WAM) -- The UAE and Israel have now agreed on a Comprehensive Economic Partnership Agreement (CEPA) between the two nations, a deal that will deepen trade and investment ties, accelerate growth and lead to a new era of peace, stability, and prosperity in the Middle East.
A high-level UAE delegation travelled to Israel this week to conclude talks on the CEPA and, following the final round of negotiations, the agreed text is now being finalised ahead of an expected formal signing between the nations’ respective leaders in the coming weeks.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, heralded the deal – which follows the UAE-India CEPA signing in February 2022 – as the latest step in the UAE’s bold trade agenda designed to consolidate the country’s status as a global business hub.
Dr. Al Zeyoudi, commented, "When we signed the Abraham Accords in September 2020 in Washington DC, we also opened a new chapter in regional trade, investment and exchange. This Comprehensive Economic Partnership Agreement will enable us to build on these gains under a shared goal to create modern, progressive and technologically advanced nations that unlock benefits for business and entrepreneurship.
"It comes at an important time. As the world emerges from the shadow of global pandemic and faces new challenges, multilateral approaches are needed to rebuild supply chains, reinvigorate economies and restore trust in the global system. We are confident that this deal will not only boost trade but increase investment, boost tourism, accelerate digital advances and promote collaboration in priority sectors such as energy, education, healthcare, food security, entrepreneurship, cybersecurity and advanced technology."
The UAE-Israel CEPA will substantially reduce or remove tariffs on a wide range of goods, enhance market access for services, promote investment flows, create jobs, promote new skills, enhance climate action and deepen cooperation on strategic projects. It will also create mechanisms for SME expansion.
After concluding a historic first bilateral trade agreement with India last month, the UAE is moving quickly to strengthen ties with Africa, Asia and South America.