Israel and the United Arab Emirates announced they have officially launched talks to reach a comprehensive economic partnership agreement to deepen economic and investment relations between the two countries under the umbrella of the Abrahamic Peace Accords.
“We continue to work on implementing the 50 projects launched by the UAE government, including the comprehensive economic partnership program with 8 global markets, as part of the ambitious strategy adopted by the UAE to build a future economy with more competitive components, in line with the goals of the UAE Centennial 2071,” said Abdullah bin Touq Al Marri, Minister of Economy.
The comprehensive economic partnership agreement between the two countries, when concluded after the successful completion of the talks, aims to strengthen economic relations, promote trade exchange to higher levels, create a wealth of new investment opportunities for companies of the two countries and the region, and establish a new phase of joint cooperation to achieve peace, prosperity and regional stability.
“More than a year has passed since the conclusion of the Abrahamic Peace Agreement between the UAE and the State of Israel, as an expression of the common desire to promote peace, stability and prosperity in the Middle East. Strengthening the economic partnership, developing trade, investment, tourism, industry, and scientific and technological cooperation at the bilateral and regional levels. Indeed, the agreement generated vast economic opportunities and achieved many benefits at the regional level, which would push the process of economic and social development in the two countries forward and at the regional level,” Al Marri said.
The Comprehensive Economic Partnership Agreement aims to build on the development achieved in economic relations between the two countries during the last period, as the value of the bilateral trade of the two countries amounted to more than 3.5 billion dirhams in a year since the signing of the Abrahamic Peace Agreement in September 2020 until the end of September 2021. Non-oil foreign trade between the two countries 2.9 billion dirhams during the first nine months of this year.