Here’s what you need to know about the pact and UAE-Israeli trade:
What does the pact entail?
Tariffs will be removed or reduced on 96% of goods traded between the nations, including food, medicine, diamonds, jewelry, fertilizers and other chemicals.
A majority of duties would be waived immediately, and others would be removed up to five years from now. Those projects that will be subject to tariffs will be charged a lower rate.
Dorian Barak, co-president of the UAE-Israel Business Council, expects to see about 1,000 Israeli-owned companies operating from or through the UAE by the end of the year, including subsidiaries of Israeli companies, representative offices, sales operations, distributorships, and new ventures.
What does each side gain from trade?
Research provided by Paul Rivlin, an economist at Tel Aviv University, shows that the value of Israeli imports from the UAE was more than double its exports last year, but other experts say that Israel has a lot more…
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