Israel signed Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) on May 31, its first with an Arab country.
- This is the latest product of the two countries’ historic normalization deal in 2020 known as the Abraham Accords.
- Israel’s Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, signed the deal in Dubai following months of negotiations.
- With a stated target of increasing annual bilateral trade to more than $10 billion over the next five years, the free trade agreement is the largest ever between Israel and any Arab country.
- The FTA covers 96% of the trade between the two Middle Eastern countries, which last year reached $885 million.
- The 2020 deal was part of the U.S.-brokered Abraham Accords that also saw Israel establish diplomatic ties with Bahrain and Morocco.
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