The UAE and Israel have reached an agreement on a Comprehensive Economic Partnership Agreement (CEPA) that would increase trade and investment links, accelerate growth, and usher in a new age of Middle East peace, stability, and prosperity.
Following the final round of negotiations, the agreed text is now being finalized ahead of an expected formal signing between the nations’ respective leaders in the coming weeks. A high-level UAE delegation traveled to Israel this week to conclude talks on the CEPA.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, hailed the agreement – which comes after the UAE-India CEPA agreement was inked in February 2022 – as the latest step in the UAE’s ambitious trade plan.
Dr. Al Zeyoudi, commented, “When we signed the Abraham Accords in September 2020 in Washington DC, we also opened a new chapter in regional trade, investment and exchange. This Comprehensive Economic Partnership Agreement will enable us to build on these gains under a shared goal to create modern, progressive and technologically advanced nations that unlock benefits for business and entrepreneurship.
“It comes at an important time. As the world emerges from the shadow of global pandemic and faces new challenges, multilateral approaches are needed to rebuild supply chains, reinvigorate economies and restore trust in the global system. We are confident that this deal will not only boost trade but increase investment, boost tourism, accelerate digital advances and promote collaboration in priority sectors such as energy, education, healthcare, food security, entrepreneurship, cybersecurity and advanced technology.”
The CEPA between the UAE and Israel will significantly decrease or eliminate tariffs on a wide range of commodities, improve market access for services, encourage investment flows, generate jobs, promote new skills, improve climate action, and strengthen strategic project cooperation. It will also establish mechanisms for SMEs to expand.
The UAE is pushing fast to develop connections with Africa, Asia, and South America after signing a historic first bilateral trade pact with India last month.
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