Uae-israel CEPA set to surge bilateral trade
DUBAI: The Uae-israel CEPA is expected to increase bilateral trade to over $10 billion and add $1.9 billion to the UAE’S GDP within five years. The agreement looks to lower or eliminate tariffs on more than 96 percent of commodities that amount to 99 percent of the overall value of trade, enhancing market access for exporters, atracting new investment, and creating opportunities in key industries.
DMCC – the world’s flagship free-zone and Government of Dubai Authority on commodities trade and enterprise – has hosted its first ever physical Made For Trade Live roadshow event in Tel Aviv, Israel, as it targets atracting more Israeli companies to Dubai following the Uae-israel Comprehensive Economic Partnership Agreement signed earlier this year.
The event saw over 250 Israeli business leaders and entrepreneurs briefed on the ease of doing business in Dubai and how the emirate acts as a gateway to some of the world’s fastest growing markets.
Atending the event was Mohamed Al Khaja, Ambassador of the United Arab Emirates to Israel, who said: “The UAE and Israel are on a journey of growth together - from both a cultural and economic perspective. Events such as this are key to further deepening our relationship and unlocking the full potential of our partnership, enabling our two countries to thrive for generations to come.”
During his opening speech, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “I am thrilled to be back in Israel ater celebrating the two-year anniversary of the Abraham Accords with the UAE’S Ministry of Foreign Affairs. The UAE is at the forefront of driving global trade through our range of comprehensive economic partnership agreements with some of the most important markets across the globe. As a result of the Uae-israel CEPA, there is no beter time for Israeli businesses to set up and expand their operations in Dubai.”