The Abraham Accords Peace Agreement between the United Arab Emirates and the State of Israel constituted a vital move towards achieving peace, enhancing security, and promoting stability in the region.
A year after the signing of the Agreement in September 2020, the bilateral relations between the two countries have achieved remarkable development across various fields and sectors. The value of intra-UAE trade with Israel amounted to more than AED3.5 billion until the end of September 2021, and the value of non-oil foreign trade between the two countries exceeded AED2.9 billion during the first nine months of this year.
Last March, the UAE established a $10 billion fund to invest in strategic sectors in Israel, including energy, manufacturing, water, space, health care, agricultural technology, among other fields.
RELATED STORY: Abraham Accords Peace Agreement establishes ‘deep and solid’ structure for relations in region: Israeli Prime Minister
The establishment of the fund is part of the two countries’ commitment to developing economic relations and the free flow of goods and services, as well as cooperation in areas of holding exhibitions, exchanging experiences and knowledge, visits by delegations. It also covers cooperation between chambers of commerce, developing agricultural technologies and promoting joint research and development.
Based on the vision of the Abraham Accords Peace Agreement and the belief in the common goal of achieving well-being for the peoples of the two countries and the peoples of the region, the two countries formed a joint economic committee headed by the ministries of economy of the two countries to remove barriers and stimulate bilateral trade.
Mutual talks were held to reach a comprehensive economic partnership agreement to deepen economic and investment relations between the two sides under the umbrella of the Abraham Accords.
The launch of talks of the Comprehensive Economic Partnership Agreement between the UAE and Israel comes within the framework of the “50 projects” to broaden the horizons of the UAE’s economic partnerships with eight influential global markets, as part of the country’s ambitious strategy for the next fifty years.
Bilateral cooperation witnessed remarkable developments following the signing of the agreement, especially in the fields of energy, environment, space, advanced technology, education, research along with other sectors of mutual interest.
More than 60 strategic cooperation agreements were signed between the two countries, and talks were held to further develop cooperation in the areas of aviation, logistics, renewable energy, food security, water desalination, artificial intelligence and other fields.
READ ON: LOOK: UAE, US, Israel, and Bahrain sign historic Abraham Accords for peace in Middle East
The UAE’s relationship with the countries of the world is based on the ‘Principles of the 50’, launched under the directives of the UAE’s wise leadership. The principles come as a strategic roadmap crafting the ‘Projects of the 50’, and driving the UAE’s march to deliver a brighter tomorrow with economic security, and social wellbeing for generations to come.
The Abraham Accords Peace Agreement contributed to laying the foundations for peace in the region and giving opportunities for youth and future generations, reflecting the UAE’s firm approach based on tolerance and upholding human values, coexistence and human solidarity.
The opening of the UAE embassy in Tel Aviv and the opening of the Israeli embassy in Abu Dhabi launched a new era of cooperation, development and prosperity.
Moreover, the Israeli pavilion at Expo 2020 Dubai under the slogan “Towards Tomorrow” represents a bridge to develop and strengthen relations with the countries of the world.
The two countries have a clear strategic vision to strengthen economic relations between the two prosperous economies in the region, open the way for investments and create partnership opportunities to drive social and economic growth for the benefit of their peoples.
