#Israel’s ‘Abraham Accords’ 2021 Defense Exports Hit $791 Million - Bloomberg

Israel’s ‘Abraham Accords’ 2021 Defense Exports Hit $791 Million - Bloomberg

The value of Israeli defense exports to countries with which it normalized relations in 2020 reached almost $800 million last year, with the country’s defense industry seeing a 36% year-on-year rise in the value of exports around the world, fueled by air defense systems and training services.

Exports reached $11.3 billion last year, up from $8.3 billion in 2020, according to the Defense Ministry, with the majority of the revenues coming from Europe and the Asia Pacific region. Seven percent of exports, worth $791 million, went to “Abraham Accords” countries, the ministry said.

Almost 40% of the agreements struck last year were worth more than $100 million, according to the Defense Ministry.

Israel agreed to normalize diplomatic relations with the United Arab Emirates, Bahrain, Morocco and Sudan in a series of deals brokered by the Trump administration in 2020. Israel and the Emirates have since seen trade flourish in a range of areas, while Bahrain and Morocco have also committed to advancing trade and security ties, among other areas of cooperation. Israel’s diplomatic talks with Sudan stalled last year after an attempted military coup.

The Defense Ministry has “expanded its market by strengthening ties with the region as well as building new ties with countries around the world,” Defense Minister Benny Gantz said.