UAE issues decree to end Israel boycott, allows economic agreements

Topics UAE | israel | economy

Saturday's development comes after Israel and the UAE on August 13 reached a historic agreement, brokered by US President Donald Trump, to work towards a "full normalization of relations".

The United Arab Emirates (UAE) on Saturday issued a decree to formally end its boycott of Israel amid the US-brokered peace deal to normalize relations between the two countries.

The Decree comes as part of the UAE's efforts to expand diplomatic and commercial cooperation with Israel, and by laying out a roadmap towards launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting technological innovation, Gulf News reported citing the state-run WAM news agency as saying.

It added that the move was made on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates' leader.

"Following the abolition of the Israel Boycott Law, individuals and companies in the UAE may enter into agreements with bodies or individuals residing in Israel or belonging to it by their nationality, in terms of commercial, financial operations, or any other dealings of any nature," the report said.

Based on the decree, it will be permissible to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.

Saturday's development comes after Israel and the UAE on August 13 reached a historic agreement, brokered by US President Donald Trump, to work towards a "full normalization of relations".

As part of the agreement, Israel will suspend the annexation of Palestinian lands in the occupied West Bank, while it focuses on expanding ties with other Arab countries with other nations in the Muslim world.

The UAE and Israel will also immediately expand and accelerate cooperation regarding the treatment of and the development of a vaccine for coronavirus.

According to reports, this is the first peace treaty between Israel and an Arab country in 25 years.

--IANS

ksk/

 


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel