Israel, UAE sign historic free trade agreement

STORY: Israel, UAE sign historic free trade agreement DATELINE: June 1, 2022 LENGTH: 0:01:56 LOCATION: JERUSALEM CATEGORY: ECONOMY SHOTLIST: 1. various of the signing ceremony Israel and the United Arab Emirates STORYLINE: Israel and the United Arab Emirates (UAE) signed on Tuesday a free trade agreement, the first of its kind between Israel and an Arab country. The trade deal, signed by Israeli Minister of Economy Orna Barbivay and her UAE counterpart Abdulla Bin Touq Al-Marri in Dubai, is expected to eliminate tariffs on 96 percent of products, including food, agriculture, cosmetics, medical equipment and medicines, said the Israeli Economy Ministry in a statement. The agreement also covers regulation, government procurement, e-commerce and intellectual property, it said. Trade between Israel and the UAE reached 1.22 billion U.S. dollars in 2021, and already 672 million dollars in the first four months of 2022, according to Israel's Central Bureau of Statistics. The bilateral trade mainly