UAE, Israel sign free trade deal

The Comprehensive Economic Partnership Agreement is aimed to push the value of non-oil bilateral trade beyond $10 billion within five years, reports Asian Lite Newdesk

The UAE on Tuesday signed a Comprehensive Economic Partnership Agreement (CEPA) with Israel.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, tweeted on Tuesday that the agreement will push the value of non-oil bilateral trade beyond $10 billion within five years.

“Today we signed a Comprehensive Economic Partnership Agreement with Israel that builds on the strong foundations laid by the Abraham Accords. It will push the value of our non-oil bilateral trade beyond $10 billion within five years,” he tweeted.

“With the UAE-Israel CEPA signed, sealed and delivered, we have written a new chapter in the history of the Middle East. Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region,” he added.

Dr Al Zeyoudi earlier said, “When we signed the Abraham Accords in September 2020 in Washington DC, we also opened a new chapter in regional trade, investment and exchange. This Comprehensive Economic Partnership Agreement will enable us to build on these gains under a shared goal to create modern, progressive and technologically advanced nations that unlock benefits for business and entrepreneurship.

“It comes at an important time. As the world emerges from the shadow of global pandemic and faces new challenges, multilateral approaches are needed to rebuild supply chains, reinvigorate economies and restore trust in the global system. We are confident that this deal will not only boost trade but increase investment, boost tourism, accelerate digital advances and promote collaboration in priority sectors such as energy, education, healthcare, food security, entrepreneurship, cybersecurity and advanced technology.”

The UAE-Israel CEPA will substantially reduce or remove tariffs on a wide range of goods, enhance market access for services, promote investment flows, create jobs, promote new skills, enhance climate action and deepen cooperation on strategic projects. It will also create mechanisms for SME expansion.

After concluding a historic first bilateral trade agreement with India last month, the UAE is moving quickly to strengthen ties with Africa, Asia and South America.

Emirate’s healthcare model showcased

A delegation of Abu Dhabi healthcare led by Abdullah bin Mohammed Al Hamed, Chairman of the Department of Health – Abu Dhabi, has explored collaboration opportunities during its participation at the 20th edition of the Biomed Israel Conference and Exhibition held recently in Tel Aviv.

The delegation met with a number of Israeli officials, companies, scientists, investors and entrepreneurs. The meetings sought to examine means of enhancing cooperation between both countries in healthcare research and innovation, emergency resilience, digital health application, life sciences manufacturing and development and regulatory alignment.

The discussions aligned with Abu Dhabi’s ongoing efforts to cement its regional and global positioning as a life sciences and health-tech hub.

The delegation included representatives from the Department of Health – Abu Dhabi, Abu Dhabi Public Health Centre, Abu Dhabi Investment Office: G42 healthcare and the National Health Insurance Company – Daman.

Al Hamed and his accompanying delegation met with Israeli Health Minister Nitzan Horowitz, and discussed means of bolstering cooperation in research and innovation; health education, alignment of health regulation, training exchange programmes and other initiatives. They shed light on the promising potential of the healthcare systems in both countries, as well as the efforts made to promote the health of communities locally and globally.

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