Khaleej Times, Monday, Jan 23, 2023 | Rajab 1, 1444
UAE-Israel trade more than doubles to Dh9.4 billion in 2022
Bilateral trade between the UAE and Israel more than doubled last year with the
Emirates becoming among the top 20 trading partners of Israel.
Amir Hayek, Israel’s ambassador to the UAE, said trade jumped 109.7 per cent to
$2.56 billion (Dh9.4 billion) in 2022 as compared to $1.22 billion in the
previous year. This excludes software trade. The UAE is now the 16th largest
trading partner out of 126 countries.
Trade between the two countries has been growing since the signing of the
Abraham Accord in September 2020, especially after the signing of the
Comprehensive Economic Partnership Agreement (Cepa) last year.
The Agreement provides unprecedented economic benefits for both parties by
lowering or eliminating tariffs on more than 96 per cent of tariff lines and 99
per cent value of trade, enhancing market access for exporters, attracting new
investment, and creating opportunities in key industries, including energy,
environment, and digital trade. The two countries aim to cross $10 billion in
bilateral trade in the coming years.
Not just trade, tourism has also flourished between the two countries as more
than 150,000 Israeli tourists visited the UAE in the last 10 months of 2022.