UAE, Israel ratify comprehensive economic partnership agreement

United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi

Dec 11 (Reuters) - The governments of the United Arab Emirates and Israel ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade, Thani Al Zeyoudi, said on Twitter on Sunday.

The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations.

"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added.

Reporting by Nayera Abdallah and Yasmin Hussein; Editing by Alex Richardson

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