UAE and Israel sign customs agreement to activate CEPA and strengthen economic cooperation
The signing of the customs agreement will allow the UAE-Israel CEPA to enter into force
Jerusalem: Mohamed Al Khaja, Ambassador of the United Arab Emirates to the State of Israel, and Eli Cohen, Minister of Foreign Affairs of Israel, signed a customs agreement between the two countries in the presence of Israeli Prime Minister Benjamin Netanyahu at the Prime Minister’s office in Jerusalem.
The signing of the customs agreement will allow the UAE-Israel Comprehensive Economic Partnership Agreement (CEPA), signed in May 2022, to enter into force.
Commenting on the occasion, Mohamed Al Khaja remarked, "The Comprehensive Economic Partnership Agreement between the UAE and Israel will serve as a major engine to strengthen economic and commercial ties between the UAE and Israel. We expect the agreement to produce significant mutual economic benefits.”
The customs agreement aims to enable mutual assistance in ensuring the proper application of customs laws, accurately assessing customs and other tax fees on exports and imports, adjusting customs data, and preventing and investigating customs violations.
In 2022, the non-oil bilateral trade volume between the UAE and Israel reached over $2.5 billion. With the CEPA entering into force, the UAE and Israel expect the trade volume between them to increase significantly.