UAE-Israel Comprehensive Economic Partnership Agreement to come into force on 1st April

The UAE-Israel Comprehensive Economic Partnership Agreement, which was signed on 31st May 2022, will come into effect on 1st April 2023. 

This means that tariffs will be removed or reduced on more than 96 percent of product lines, which covers 99 percent of the current value of traded goods between the UAE and Israel.

It’s the second of the UAE’s new foreign-trade deals to be ratified following the successful roll out of the UAE-India CEPA in May 2022. 

The partnership is designed to push UAE-Israel non-oil bilateral trade from the US$1.3 billion recorded in 2021 to US$10 billion by the end of the decade. 

In 2022, bilateral non-oil trade reached US$2.49 billion, a 90 percent increase on 2021’s total, with re-exports from Israel growing 71.2 percent and non-oil exports to Israel climbing 48.6 percent.

The UAE-Israel CEPA is a part of the UAE’s new trade agenda and efforts to double the size of economy from AED1.4 trillion to AED3 trillion by 2030.