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  • Writer's pictureTeam CargoTalk

UAE-Israel bilateral trade pact comes into effect

The UAE-Israel Comprehensive Economic Partnership Agreement (CEPA), signed on 31 May 2022, comes into effect on 1 April 2023, meaning which tariffs will be removed or reduced on 96 per cent of product lines, covering 99 per cent of the current value of traded goods between the countries.

The UAE-Israel CEPA is the second of the UAE’s new foreign-trade deals to be ratified. In addition to the new tariff structures, the pact with Israel removes barriers to trade, improves market access for services suppliers, opens opportunities in government procurement, provides a platform for SMEs to expand internationally, establishes parameters for digital trade, protects intellectual property, and creates transparent trade remedy mechanisms.

The UAE-Israel CEPA is a part of the UAE’s new trade agenda to double the size of economy from AED 1.4 trillion to AED 3 trillion by 2030. The UAE has concluded CEPAs with India, Israel, Indonesia, Türkiye, and Georgia. Abdulla Mohammed Alashram, Group CEO, Emirates Post Group Company, said, "To simplify trade movements and related operations in Dubai, we have signed a pact with Dubai Customs aimed at improving efficiency of operational processes and communication.

This partnership aims to adopt best business practices and smooth flow of trade and logistics in Dubai, with a focus on adopting a range of initiatives to enhance the capabilities of both parties through our joint services and to explore introducing new services. We at Emirates Post Group are optimistic that this partnership will be beneficial to reach our shared goals."

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