The Dubai World Trade Center (DWTCA) signed an agreement with the Israel Export Institute (IEI) on Monday to cooperate in facilitating the participation of Israeli exhibitors in major exhibitions in the UAE by the end of 2020.
The decision came following cooperation between the Israel Export Institute and Israel’s Ministries of Economy and Foreign Affairs, which are actively engaged in the promotion of Israeli industry.
“The historic signing of the Abraham Accords agreement has opened new avenues for strengthened collaboration and exchange between the UAE and Israel,” said Abdulla bin Touq Al Mari, UAE minister of economy, in the statement.
“It has also established a framework for bilateral trade and economic ties to flourish between both states," he added.
The collaboration agreement with the IEI marks “the commencement of a meaningful long-term trade and business relationship between the UAE and Israel,” said Helal Saeed Almarri, the director-general of DWTCA and Dubai’s Department of Tourism and Commerce Marketing (DTCM), in the statement.
Israel's Minister of Foreign Affairs Gabi Ashkenazi said: "The Ministry of Foreign Affairs has operated for many years in the financial field in the Gulf States in general. I welcome this step, carried out in cooperation with the Israel Export Institute, and which will promote the economies of both Israel and the UAE."
“The trade agreement with the Dubai World Trade Center is the first step towards a comprehensive trade agreement to be signed within the coming weeks between the Ministry of Economy and the UAE Government. The agreement will cover a wide range of areas that could bring billions of dollars into the Israeli economy," said Israel’s Minister of Economy and Industry Amir Peretz.
"This development and future large-scale agreements are proof of the value of peace rather than unilateral activities and will surely bring growth to the broader region and the Israeli economy in particular.”
Adiv Baruch, the chairman at the Israel Export Institute, said: "The normalization of the diplomatic relationship with the UAE is assuming a tangible shape at an accelerated pace. We are signing agreements that will create significant business opportunities for Israeli industry and will assist in linking countless businesses from both countries.
