UAE-Israel trade surges 117%

Bilateral trade between the UAE and Israel surged 117 per cent during the first half of this year compared to the same period last year.

That's according to the Israeli Ambassador to the UAE who spoke to the Emirates News Agency (WAM) on the occasion of the second anniversary of the signing of the Abraham Accords.

Amir Hayek predicted that the UAE will be among Israel’s top ten trading partners within two to three years.

He also said the UAE can be an important growth engine for Israeli industries because of the infrastructure, and other essential ingredients for business the Emirates offers.

The bilateral trade during the first seven months of 2022 to the tune of $1.4 billion has already surpassed the figures recorded during the whole of 2021 ($1.22 billion). 

The top Israeli diplomat said the Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries on May 31, 2022, after six-month long negotiations, was the "fastest negotiations Israel did" for any similar free trade agreement with other countries.

The CEPA will come into force in the next few months.

According to the UAE Ministry of Economy, the UAE-Israel CEPA is expected to advance bilateral trade beyond $10 billion within five years and add $1.9 billion to the UAE’s GDP within the same period, while total UAE exports are expected to increase 0.5 per cent by 2030.