Israel signed a free trade agreement with the United Arab Emirates on Tuesday, Reuters reports.
According to the report, Israel’s first signed deal with an Arab State aims to lift their annual bilateral trade to more than $10 billion.
The bilateral deal was signed in Dubai by Minister of Economy and Industry, Orna Barbivai and her counterpart, UAE Minister of Economy, Abdulla bin Touq Al Marri, after months of negotiations, the report says.
“Free trade agreements between countries usually take many years to sign,” Israeli Prime Minister, Naftali Bennett said in a tweet.
Tariffs will be removed or reduced on 96 per cent of goods traded between the nations, the report added.
The UAE predicted the Comprehensive Economic Partnership Agreement would boost annual bilateral trade to more than $10 billion within five years.