Abu Dhabi / Tel Aviv: A free trade agreement has been signed between the United Arab Emirates and Israel, under which 95% of commercial products will be customs free.
According to the International News Agency, a statement issued by the Israeli Ministry of Economy and the Foreign Ministry of the United Arab Emirates announced the signing of a free trade agreement between the two countries.
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Under the agreement, 95 percent of commercial products are declared customs-free, including agriculture, food, medicine, cosmetics and other items.
Trade between the two countries has been greatly facilitated by the free trade agreement reached between the top officials of Israel and the UAE.
The signing ceremony of this agreement was held soon after which this historic agreement will come into force immediately.
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It should be noted that the UAE had restored diplomatic relations by recognizing Israel in 2020, after which the two countries were negotiating for free trade.
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