UAE, Israel ratify 'comprehensive economic partnership pact'

• Free trade agreement will remove or reduce tariffs on 96% of goods traded between two nations.
  
• Non-oil trade between UAE and Israel hit $2 billion in first nine months of 2022
  
• "We create opportunities in key sectors," says Al Zeyoudi. 
  

The governments of the United Arab Emirates and Israel ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade Thani Al Zeyoudi said on Twitter Sunday.

The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations.

"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added.