Wednesday 30 June 2021
research and technology
Trade Agreement between the United Arab Emirates and Israel
When an Israeli foreign minister visited the UAE for the first time, the two countries signed a trade agreement.
For this purpose, a joint economic committee will be formed, as stated in a statement by Israeli Foreign Minister Jair Lapid and his counterpart Abdullah bin Sajid on Wednesday. In addition, both countries are working on a free trade agreement.
Israel and the UAE want to work together in the areas of research and technology, among other things, and to establish the free movement of goods between their countries.
During his two-day visit to the extremely wealthy Gulf state, Lapid also opened the Embassy of Israel in Abu Dhabi and a Consulate General in Dubai. Lapid said at the opening that the consulate was a place for dialogue “between two talented peoples.”
Israel signed the agreements known as the Ibrahim Accords with both the UAE and Bahrain in September. The statement said the agreements are a “beacon” that can bring peace and prosperity to the entire region.
The agreements followed after mediation by the United States under then-President Donald Trump. Most Arab countries refused to recognize Israel for decades until the conflict with the Palestinians was resolved. Behind the scenes, Israel and the UAE have been cooperating for a long time – for example on security issues.
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