Israel and UAE agree ‘milestone’ free trade deal

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Israel and the UAE said Friday they had agreed on the terms of a free trade agreement to boost commercial relations following their normalization of ties, AFP is reporting.

Israel described as “historic” the deal abolishing customs duties on “95 percent of the products” exchanged between the Jewish state and Gulf Arab country. The 2020 normalization deal reached between the two countries was one of a series of US-brokered agreements known as the Abraham Accords, and trade between them last year totalled some $900 million, according to Israeli figures.

Talks for a free trade agreement began in November and were concluded Friday after four rounds of negotiations.—Arab News

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