Israel and the United Arab Emirates expect the Dubai Expo World Expo in October to further boost bilateral trade. The current trade turnover is $ 712 million. Israel and the United Arab Emirates normalized relations a year ago.
In anticipation of the Israeli government, trade with the UAE is nearing the end of the year to increase to as much as $ 1 billion.
Israel plans to reach $ 3 billion over three years.
Deals and Upcoming Events
Israel signed US-brokered deals with the United Arab Emirates and Bahrain in September, followed by Sudan and Morocco.
Most of the UAE and Israel trade involves imports from the Center for Re-Exports and Dominant Logistics. These include gemstones, auto parts, electronics, plastics.
Israel has estimated $ 457 million from the United Arab Emirates from January to June 2020. As for exports, $ 255 million to the United Arab Emirates.
In Dubai, which owns the largest carrier port, Jebel Ali, it was said in January that from September 2020, Bilateral trade amounted to $ 272 million.
From the Israeli Chamber of Commerce, according to Zeev Lav, normalization has expanded Israeli trade.
In fact, Israel was exported to Arab countries through structures outside the region. Moreover, Lavi said the UAE pact facilitates trade with Jordan and Egypt. Israel has had peace deals with them for decades.
The representative of the Israeli embassy in the United Arab Emirates, Eitan Naeh, said that there are plans to sign several agreements in the coming months. In addition, after a one-year delay, the ministers plan to attend the Dubai Exhibition 2020 in October.
Israel has said it plans to open an office in Abu Dhabi in the summer. Furthermore, it is considering a free trade agreement with the United Arab Emirates.
To date, 10 government-related agreements underwent signing between the two countries. Consequently, these include visas, money laundering, and financial services agreements.