Following the signing of the Abraham Accords, Israel and the United Arab Emirates (UAE) have made massive progress in their economic and diplomatic ties. Trade between both countries topped AED 9.4 billion ($2.5 billion) in 2022, with the UAE emerging as one of Israel’s top 20 trading partners.
According to Amir Hayek, the Israeli Ambassador to the UAE, trade surged by 109.7% to AED 9.4 billion in 2022 from AED 4.4 billion in 2021, marking significant improvement in economic ties between both countries especially after Comprehensive Economic Partnership Agreement (CEPA) in 2022.
Under the agreement, UAE and Israel lowered or completely removed tariffs on a majority of goods, making it more affordable to import and export products.
It also increased market access for exporters, encouraging new investments and creating new opportunities in key industries such as energy, environment, and digital trade. The ultimate goal of the CEPA is to achieve $10 billion in bilateral trade in the near future.
Besides, tourism between UAE and Israel has also skyrocketed, with over 150,000 Israelis visiting the UAE in the last 10 months of 2022.
During the same period, the Palestine issue took a back seat as the UN called 2022 the deadliest year for Palestinians in the Israeli-occupied West Bank in 16 years.
