His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the United Arab Emirates, under the guidance of its wise leadership, continues to develop its economic model to be more sustainable, resilient, and open to global markets, through a clear vision for the future and in line with the principles and goals of the UAE's fifty-year plan. He added, "We are continuing to implement the fifty initiatives launched by the UAE government, which include a comprehensive economic partnership program with eight global markets as part of the UAE's ambitious strategy to build the economy of the future with more competitiveness in alignment with the UAE Centennial 2071 objectives."
This announcement was made during the declaration of the launch of bilateral talks between the UAE and Israel aimed at reaching a comprehensive economic partnership agreement to deepen economic and investment relations between the two countries under the Abraham Accord for Peace. The talks were initiated by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, and Her Excellency Orna Barbivai, Israeli Minister of Economy, with the presence of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Mohammed Al Khaja, UAE Ambassador to Israel, during a virtual meeting today.
The comprehensive economic partnership agreement, once finalized after successful discussions, aims to strengthen economic relations, enhance trade exchange to higher levels, create a wealth of new investment opportunities for companies in both countries and the region, and establish a new phase of joint cooperation to achieve peace, prosperity, and regional stability.
His Excellency Abdullah bin Touq Al Marri stated, "It has been more than a year since the signing of the Abraham Accord for Peace between the UAE and Israel, expressing the mutual desire to enhance peace, stability, and prosperity in the Middle East. During this period, we have worked to leverage the new diplomatic relations between the two countries to enhance economic partnership, develop trade, investment, tourism, industry, and scientific and technological cooperation at both bilateral and regional levels. Indeed, the agreement has created vast economic opportunities and provided numerous benefits at the regional level, which will drive the economic and social development processes in both countries forward and at the regional level."
He added, "What has been achieved in the development of bilateral relations between the two countries includes various vital fields that contribute to enhancing the capabilities of both countries to build the economy of the future and strengthen the potentials of the new economy, primarily advanced technology, artificial intelligence, tourism, logistics, transport, energy, research, and development, among others. In light of this diversity and momentum in the existing connections, and based on the goals and principles of the fifty-year plan in the UAE and the state’s efforts to develop its economic model to be more flexible and open to global markets, we are taking this joint step to start talks on the comprehensive economic partnership agreement to advance bilateral and economic relations to the next level of development and prosperity."
For her part, Her Excellency Orna Barbivai said, "The launch of these official talks contributes to enhancing cooperation and discussion in the upcoming stage with the aim of reaching a comprehensive economic partnership agreement that significantly contributes to developing trade between the two countries, removing any barriers to its growth, and expanding the scope of cooperation in various economic sectors," expressing her ambition that the agreement, when completed, would serve the business communities in both countries and create vast opportunities in several sectors of mutual interest, affirming, "We hope that by reaching this agreement, we can enhance our benefits from the great potential inherent in the bilateral relations and the friendship ties between Israel and the UAE."
Furthermore, His Excellency Dr. Thani bin Ahmed Al Zeyoudi confirmed that as the world recovers from the repercussions of the COVID-19 pandemic, it has become more important than ever to build partnerships for the future that contribute to achieving sustainable economic recovery. He added, "We continue to work towards reaching comprehensive economic partnership agreements with several influential global markets, including Israel, aiming to establish the UAE's position as a global center for trade and logistics services. These talks and the intent to conclude a comprehensive economic partnership agreement reflect a mutual commitment from both countries to work together and lead a new phase of economic development, prosperity, and growth."
The comprehensive economic partnership agreement aims to build on the progress achieved in the economic relations between the two countries in the past period, with the value of trade between the two countries exceeding 3.5 billion dirhams in the year following the signing of the Abraham Accord for Peace in September 2020 until the end of September 2021. The value of non-oil foreign trade between the two countries exceeded 2.9 billion dirhams during the first nine months of the current year.
The launch of the comprehensive economic partnership agreement talks between the UAE and Israel is in implementation of the announced plans under the umbrella of the "Fifty Projects" to expand the horizons of the UAE's economic partnerships with eight influential global markets, as part of its ambitious strategy for the next fifty years to build a future economy based on knowledge and innovation, characterized by greater vitality, competitiveness, openness, and flexibility.
The UAE has already initiated similar talks with India and Indonesia. The bilateral cooperation between the UAE and Israel has witnessed significant developments following the signing of the Abraham Accord for Peace in 2020, especially in the fields of energy, environment, space, advanced technology, education, research, and other sectors of mutual interest. More than 60 strategic cooperation agreements have been signed between the two countries, and discussions have taken place to explore broader cooperation prospects in aviation, logistics, renewable energy, food security, water desalination, artificial intelligence, and other fields and applications of the Fourth Industrial Revolution. Among the most notable of these agreements is a $1 billion deal by UAE's Mubadala Petroleum to acquire a 22% stake in the Tamar offshore gas field from Israeli Delek Drilling.
