The free trade agreement signed May 31 in Dubai between the United Arab Emirates (UAE) and Israel reflects the importance both countries accord to the economic ties and the diplomatic relations between them. Israel’s Economy and Industry Minister Orna Barbivai and Emirati Minister of Economy Abdulla bin Touq al Marri officialized the agreement, which is expected, according to estimates of the Israeli Ministry of the Economy, to considerably increase the already impressive trade between the two nations in goods and services.
Ohad Cohen, director of the Foreign Trade Administration at the Israeli Ministry of the Economy, told Al-Monitor that the agreement is expected to triple the scope of trade between the countries to $3 billion within three years.
