UAE and Israel have signed a customs agreement that will help the Comprehensive Economic Partnership Agreement (CEPA), signed in May last year, to enter into force, reported Wam.

 

The customs agreement aims to enable mutual assistance in ensuring the proper application of customs laws, accurately assessing customs and other tax fees on exports and imports, adjusting customs data, and preventing and investigating customs violations.

 

In 2022, the non-oil bilateral trade volume between the UAE and Israel reached over $2.5 billion, it stated.

 

The pact was signed by Mohamed Al Khaja, Ambassador of the UAE to Israel, and Eli Cohen, Minister of Foreign Affairs of Israel in the presence of Israeli Prime Minister Benjamin Netanyahu at the Prime Minister’s office in Jerusalem, it stated.

 

"The CEPA will serve as a major engine to strengthen economic and commercial ties between the UAE and Israel. We expect the agreement to produce significant mutual economic benefits," noted Al Khaja.

 

With the CEPA entering into force, the UAE and Israel expect the trade volume between them to increase significantly, he added.