Representatives of the UAE and Israel sign the bilateral Comprehensive Economic Partnership Agreement in May, 2022. (Photo: Reuters)

The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the two, including food and other agricultural products, cosmetics, medical equipment, and pharmaceuticals.

Some products will be exempt from tax immediately.

For others, mainly industrial goods, taxes will be reduced gradually according to a schedule.

Zeyoudi  said that the agreement will accelerate progress by creating opportunities in key sectors like advanced technology, renewable energy, and food security.