In the past year, commerce between the UAE and Israel has more than doubled, with the UAE ranking among Israel’s top 20 economic partners. According to Amir Hayek, Israel’s ambassador to the UAE, commerce increased by 109.7% to $2.56B (AED 9.4B) in 2022 from $1.22B the year before. Software commerce is not included. Currently, out of 126 nations, the UAE is the 16th largest trading partner.
Since the Abraham Accord was signed in September 2020, and particularly after the Comprehensive Economic Partnership Agreement (Cepa) was signed the previous year, trade between the two nations has increased. The Agreement offers both parties previously unheard-of economic benefits by reducing or eliminating tariffs on more than 96% of tariff lines and 99% of the value of trade, improving market access for exporters, luring new investment, according to Khaleej Times. This is in addition to opening up opportunities in crucial sectors like energy, the environment, and digital trade.
In the upcoming years, the two nations hope to increase their bilateral trade to $10B. In addition to trade, there has been a boom in tourism between the two nations, with more than 150,000 Israeli visitors visiting the UAE in the final 10 months of 2022.
