Abu Dhabi: Bilateral trade between the United Arab Emirates and Israel surged more than double in 2022 as compared to the year earlier.
Last year saw an increase of 109 percent as compared to 2021, making United Arab Emirates the 16th largest trading partner of Israel.
Both the nations are working towards even greater heights in trade relations and are targeting to advance bilateral trade beyond $10 billion in five years.
The tremendous increase in bilateral trade between the UAE and Israel in 2022 was helped by the signing of the Comprehensive Economic Partnership Agreement (Cepa).
Israel’s Ambassador to the UAE Amir Hayek took to Twitter to announce the new record in bilateral trade.
According to Hayek, “Trade in goods (excluding software) between Israel and the UAE reached a new record in 2022 and stands at $2.5608 billion, compared to $1.221 billion in 2021.”
Israel’s ambassador added, “The United Arab Emirates is now ranked 16 out of the 126 countries with which Israel trades.”
Of all the Arab countries that have made peace with Israel over the past half century, none are being more creative and aggressive about expanding tourism, trade, commerce and investment than the United Arab Emirates.
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