"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.
(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.)
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