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  • 24-01-23

    UAE-Israel exchange reaches all-time peak standing at USD2.56B last year

    (MENAFN) Two-sided exchange among the UAE and Israel increase by over 100 percent last year following the signing of free exchange deals between the two nations in May to lower tariffs on the majority of commodities.

    “Trade in goods (excluding software) between Israel and the UAE reached a new record in 2022 and stands at USD2.56 billion compared to USD1.22 billion in 2021,” Israel's Envoy to the UAE Amir Hayek asserted in a tweet.

    He also mentioned that this is a surge of 109.7 percent, which puts the UAE at 16th place out of 126 nations with which Israel exchanges with.

    This comes as the administration of the UAE and Israel approved an inclusive financial cooperation deal last month with a target to lift or lower costs on 96 percent of commodities exchange among the countries.

    The UAE and Israel have been operating to reinforce their business relations even since both nations inked the Abraham Accord in September three years ago (2020).

    MENAFN24012023000045014228ID1105469643

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