"Trade between the United Arab Emirates and Israel has reached $2.5 billion in under two years of official ties," UAE Foreign Trade Minister Dr. Thani bin Ahmed al-Zeyoudi told the World Economic Forum in Davos Friday.
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"For the most part, economic ties and growth are related to peace and stability. Indeed, if we look at what has happened over the last two years since the signing of the Abraham Accords, we seem to be heading in the right direction.
"Bilateral trade between the countries has grown by over $2.5 billion over the past two years, and by more than $1 billion in the first quarter of 2022," he said.
The UAE minister added that 65 deals and MOUs have been signed by the Emirates and Israel thus far, adding that "over 1,000 Israeli companies are about to establish a business presence in our country this year."
Touching on future endeavors, al-Zeyoudi noted that the UAE and Israel were making progress toward signing a free trade agreement, "after less than four months of negotiations. Ties between our countries have only existed for 18 months and this underscores the fact that one of the main goals of the Abraham Accords is economic."
He further explained that a free trade agreement could boost bilateral trade to $5 billion annually. "We will double these numbers time and again," he predicted.
According to the Emirati minister, the Jewish state and the Gulf kingdom also plan to pursue collaborations in the fields of water, energy, health, and green energy.
Khalid bin Ahmed Al Khalifa, a senior Bahraini diplomat and former foreign minister, said his country is in talks with Israel "to open health research centers. We are also operating to significantly advance trade, and things are moving in the right direction."
He noted that progress in the Israeli-Palestinian peace process was imperative "for the Abraham Accords to develop."
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