The country’s ambassador to the State of Israel, Muhammad Mahmoud Al Khajah, and Israeli Foreign Minister Eli Cohen, in the presence of Israeli Prime Minister Benjamin Netanyahu, signed a customs cooperation agreement, which will allow the comprehensive economic partnership agreement that was signed between the two countries in May 2022 to enter into force. implementation.
On this occasion, Al Khajah said, “The comprehensive economic partnership agreement between the UAE and the State of Israel will serve as a major driver for strengthening economic and trade relations between the two countries,” noting that the agreement will achieve a number of mutual economic benefits.
The customs cooperation agreement between the UAE and the State of Israel will contribute to enhancing cooperation between the two countries in terms of applying customs laws, accurate assessment of customs and other tax duties on exports and imports, and mutual assistance in preventing and investigating customs violations.
It is noteworthy that in the year 2022, the volume of non-oil trade exchange between the UAE and the State of Israel has reached more than $2.5 billion, and with the entry into force of the Comprehensive Economic Partnership Agreement, it is expected that the volume of trade exchange between the two countries will increase significantly.