Israel and UAE on Tuesday signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at attracting new investments in both countries.
“We signed CEPA with Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years,” UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi said.
Zeyoudi said that UAE and Israel opened a new chapter in the history of the Middle East by signing the CPEA. “Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region,” Zeyoudi tweeted.
Israel’s Minister of Economy and Industry, Orna Barbivay said that CEPA would enable Israel and UAE to manufacture better products and offer better services at a lower price.
Speaking to Emirates News Agency (WAM), following the signing of the CEPA, Barbivay said that the government of Israel highly values its relations with the UAE government.
Barbivay said that the CEPA would undoubtedly enhance bilateral relations between the two countries and will serve as an important growth engine for Israel’s GDP.
UAE and Israel normalized diplomatic relations through the US-brokered Abraham Accords in September 2020, and the trade value between the two countries reached US$1 billion by the end of 2021.
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