Israel signs major trade pact with Gulf state UAE | Reuters
Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state that reduces or removes tariffs and over time targets lifting annual bilateral trade to more than $10 billion.
The pact was signed in Dubai by Israel's Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations.
Tariffs will be eliminated on 96% of goods with the UAE predicting the Comprehensive Economic Partnership Agreement would boost bilateral trade to more than $10 billion a year within five years.
Emirati trade minister Thani Al Zeyoudi said the trade deal wrote "a new chapter in the history of the Middle East."
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