Arab News, Tuesday, Jan 24, 2023 | Rajab 2, 1444
UAE-Israel trade hits record high to reach $2.56bn in 2022
Emirates: Bilateral trade between
the UAE and Israel more than doubled in 2022 after the countries signed a free
trade agreement in May to reduce tariffs on the majority of goods.
“Trade in goods (excluding software) between
Israel and the UAE reached a new record in 2022 and stands at $2.56 billion
compared to $1.22 billion in 2021,” Israel's Ambassador to the UAE Amir Hayek
stated in a tweet.
He added this is an increase of 109.7 percent,
which places the UAE at 16th position out of 126 countries with which Israel
This comes as the governments of the UAE and
Israel ratified a comprehensive economic partnership agreement last month with
an aim to remove or reduce tariffs on 96 percent of goods traded between the
The UAE and Israel have been working to strengthen
their business ties even since both countries signed the Abraham Accord in
The comprehensive deal signed last year was in
continuation of that effort to provide economic benefits for both nations by
eliminating tariffs on 99 percent of the value of trade. The deal is expected to
enhance market access for exporters, attract new investment, and create new
opportunities as both countries look to increase their bilateral trade to over
$10 billion in the coming years.
Earlier this month, the UAE held its first
financial dialogue meeting with Israel in a bid to boost cooperation ties and
encourage innovation between the two countries, Emirates News Agency WAM
The meeting, which was held virtually, saw
discussions around financial services developments, cyber-financial cooperation,
and opportunities and potentials for cooperation between the two countries at
regional and global levels, such as the World Bank and the Financial Action Task
Younis Haji Al Khoori, under-secretary of the
Ministry of Finance, headed the UAE delegation, while the Israeli side was led
by Shira Greenberg, chief economist and director of state revenue, research, and
international affairs from the country’s Ministry of Finance.
Speaking at the opening of the financial dialogue
meeting, Al Khoori said the platform is a testament to the strength of the
relationship between both countries.
“The UAE-Israel Financial Dialogue brings together
the ministries of finance and central banks, as we believe it is important to
keep an open dialogue between both countries to discuss issues that impact our
financial systems and potential areas of bilateral and regional cooperation,” he
Al Khoori also mentioned that the recently signed
comprehensive economic partnership Agreement between the UAE and Israel will
further solidify the bilateral relations between both countries and create new
opportunities to develop priority sectors such as agri-tech, renewable energy,
and advanced technology.