What is required under the latest UAE Israel peace agreement?
The agreement promises to establish a normal relationship between the two countries. The normalization includes business relations, direct flights, scientific co-operation, tourism, and a lot more services.
One of the significant components of the UAE Israel deal is the enhanced security cooperation against regional threats, especially from Iran and its proxies. It’s evident that UAE and Israel have security ties, but agreement brings them into open.
Why sign the UAE Israel pact now?
UAE and Israel have been inching toward normalization for years. Israel opened a diplomatic office in Abu Dhabi tied to the International renewable energy agency in 2015. Most of the senior Israeli officials have visited the office and athletes have participated in the regional competitions in the UAE. Similarly, Israel is all set to participate in Dubai World Expo 2020, which is now rescheduled to October 2021 due to the Corona pandemic.
Impact of UAE Israel deal
The impact of the UAE Israel agreement demonstrates a clear commitment to further diplomatic and commercial relations. From a commercial viewpoint, the deal to cooperate in the economic advancement of the Middle East is expected to create numerous and wide-ranging opportunities. The UAE-Israel pact explicitly refer to several areas where countries intend to cooperate and the areas include,
- Civil aviation
- Healthcare
- Tourism, sport, culture
- Environment
- Agriculture and food security
- Energy
- Finance and investment
- Legal cooperation
- Innovation, trade and economic relations
Some of the positive developments seen after the UAE Israel peace agreement,
- Opening of the communication channel between the two countries
- Commencement of regular flight schedule between the two countries
- Steps for opening a UAE embassy in Israel
- The bilateral agreement that provides protections and incentives for people who make investment in each other’s countries.
- The announcement that the government-owned Abu Dhabi investment office will open its office outside the UAE in Tel Aviv.
- Announced an establishment of a regional development fund with the purpose of promoting private sector-led investment. The UAE Israel deal will bolster potential trade by enabling strategic infrastructure projects and increase energy through reliable access to electricity.
- Finance and investment
- Legal cooperation
- Innovation, trade and economic relations
UAE Israel trade potential – Conclusion
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