TRUMP PEACE: Israel and UAE nearing free trade agreement

More miracles from President Trump’s Abraham Accords. An FTA between Israel and the UAE will result in billions of dollars worth of yearly trade between the two countries. President Trump is one for the ages.

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Related – Egypt Interested in Increasing Trade With Israel: Report

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Israel and UAE nearing free trade agreement

By Globes, October 18, 2021

Israel’s Ambassador to the UAE Amir Hayek told an Israeli business delegation to Abu Dhabi and local business leaders that there will soon be a regional FTA.

Israel and the United Arab Emirates are moving towards the announcement of a regional free trade agreement, Israel’s new ambassador to the UAE Amir Hayek has revealed. In a speech to mark the opening of the Israel-Abu Dhabi Business Forum and to welcome the ‘Beyond Business’ Israel Export Institute – Bank Hapoalim (TASE: POLI) delegation to the country, Hayek said that in the year since the Abraham Accords have been signed, both peoples have proven their abilities to joint together and bring about successful cooperation between their countries.

Hayek’s declaration about a free trade region comes after long months of talks between the two countries. The announcement has been delayed for various reasons but Hayek has revealed that there are fundamental agreements. At the same time, both countries are still conducting various surveys to check that there will be no major damage to local manufacturers.

Bank Hapoalim CEO Dov Kotler told journalists yesterday evening that UAE investors took part for the first time in the $1 billion green CoCo bond placement raised by the bank. He said that over the past year, relations with the UAE had moved forward steadily.

Israel Export Institute chairman Adiv Baruch said, “The significance of expanding the Abraham Accords is the opening of markets to Israel via the UAE that did not exist in the past.”

Former Mossad chief Yossi Cohen, who currently manages SoftBank’s investments in Israel, told those present that Iran remains a bigger danger to its neighbors in the region than to Israel. He said, “The Iranian threat, threatens the entire region. While we are talking, the Iranians are making great efforts to promote actions aimed at undermining stability in the region.”

He added, “This is my first official visit to Abu Dhabi and it is great to be here out in the open. Signing the peace agreement was a protracted process and it was preceded by long months of negotiations. It wasn’t especially difficult to make the initial contact with Mohammed bin Zayed and his brothers, the difficulty was the question of whether we could create strong enough trust between the two sides to lead finally to an agreement. I genuinely believe that due to the great efforts that the two sides made, we ultimately succeeded.”

Speaking about his new life after the Mossad, Cohen said, “I’m very happy with my life as a businessman. I no longer have to chase after bad people, terrorists and the Iranian threat.”

UAE Minister of State for Foreign Trade Dr. Thani Al Zeyoudi said that there are many areas in which the two countries have reached agreements and what has already been demonstrated is that the potential is only just beginning to be realized.

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