UAE and Israel sign comprehensive economic partnership agreement

The UAE and Israel signed a Comprehensive Economic Partnership Agreement (Cepa) on Tuesday in a move aimed at boosting non-oil trade and investment between the two countries.

The trade and investment pact will push the value of non-oil bilateral trade beyond $10 billion within five years, Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, said on Twitter.

"With the #UAEIsraelCEPA signed, sealed and delivered, we have written a new chapter in the history of the Middle East," he said in a tweet.

"Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region."

The agreement comes after the UAE and Israel normalised relations in September 2020, which led to dozens of initial pacts in sectors ranging from aviation to technology. Israel and the UAE began negotiations for a trade and economic co-operation deal in November 2021, a couple of months after the Emirates launched similar discussions with India, with talks concluding in April.

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