Sehar Timings Mar 29 - Ramazan 18

Lahore
LHR
04:36 AM
Karachi
KHI
05:12 AM
Islamabad
ISB
04:38 AM
Peshawar
PWR
04:42 AM
Quetta
QTA
05:07 AM

News

Israel and UAE agree milestone free trade deal

April 1, 2022 09:11 PM


Israel and the United Arab Emirates said Friday they had agreed on the terms of a free trade agreement to boost commercial relations following their normalisation of ties.

Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state and Gulf Arab country.

The 2020 normalisation deal reached between the two countries was one of a series of US-brokered agreements known as the Abraham Accords, and trade between them last year totalled some $900 million dollars, according to Israeli figures.

Talks for a free trade agreement began in November and were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli Prime Minister Naftali Bennett and the UAE's de facto leader, Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan.

"The good relations forged between our two countries are strengthened today by this free trade agreement, which will significantly improve economic cooperation for the benefit of the citizens of both countries," Bennett said.

The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.

"This milestone deal will build on the historic Abraham Accords and cement one of the world's most important and promising emerging trading relationships," Zeyoudi said.

Israel this week hosted a summit of top diplomats from the United States and three Arab states -- the UAE, Bahrain and Morocco -- with which it has normalised ties since 2020.

Sudan also agreed to normalise ties with Israel, although it has yet to finalise a deal.

 

 



Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Sahiba meets her father for the first time Sahiba meets her father for the first time
  5. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  6. ‘Khaie's incredible ending receives rave reviews and big applause ‘Khaie's incredible ending receives rave reviews and big applause

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer