cancel2 2022
Canceled
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As they say, money talks and bullshit walks. Wonder what the Bullshit Dissemination Society has to say, eh Moonshi'ite?
Abu Dhabi, UAE (CNN)There was a time in the United Arab Emirates when the depiction of the Star of David on a t-shirt sold in local markets could prompt investigations by officials charged with policing the country's boycott of Israel.
But much has changed since then. Nearly two years ago, the UAE formally ended its near-half-century boycott, and on Tuesday, it became the first Arab country to sign a free trade agreement with the Jewish state. The pact was described by UAE trade minister Thani Al Zeyoudi as "a new chapter in the history of the Middle East."
If trade is a barometer of how serious the UAE is about its nascent partnership with Israel, then the numbers speak for themselves. The agreement would lift trade between the two nations to more than $10 billion within five years, from what Israel's Central Bureau of Statistics says was about $1.2 billion last year.
The Gulf nation had also allocated $10 billion for investments in Israel last year, singling it out as one of its main future economic partners along with seven other nations as the focus of its foreign policy shifts to business.
Experts say that the prize for Israel is much bigger than the population of roughly 10 million the Gulf nation offers, because the deal could open up access to the broader Middle East that it hasn't been able to tap yet.
Here's what you need to know about the pact and UAE-Israeli trade:
• Tariffs will be removed or reduced on 96% of goods traded between the nations, including food, medicine, diamonds, jewelry, fertilizers and other chemicals.
• A majority of duties would be waived immediately, and others would be removed up to five years from now. Those projects that will be subject to tariffs will be charged a lower rate.
Dorian Barak, co-president of the UAE-Israel Business Council, expects to see about 1,000 Israeli-owned companies operating from or through the UAE by the end of the year, including subsidiaries of Israeli companies, representative offices, sales operations, distributorships, and new ventures.
What does each side gain from trade?
Research provided by Paul Rivlin, an economist at Tel Aviv University, shows that the value of Israeli imports from the UAE was more than double its exports last year, but other experts say that Israel has a lot more to gain from trade with the UAE in the future.
The UAE's exports to Israel are expected to grow 0.5% by 2030, according to state-run Emirates News Agency, WAM, and the FTA would add $1.9 billion to the nation's economy within five years.
The UAE wants high-net-worth individuals, tourists, entrepreneurs, startups, and cutting-edge technologies, says Robert Mogielnicki, a senior scholar at the Arab Gulf States Institute in Washington, but "Israel will probably reap greater direct economic rewards. Israelis just have much more to gain than Emiratis do."
The UAE would see an influx of Israeli companies looking to set up regional headquarters from which to target business in the greater Middle East, South Asia and the Far East, says Barak.
https://edition.cnn.com/2022/06/01/business/uae-israel-trade-deal-mime-intl/index.html
As they say, money talks and bullshit walks. Wonder what the Bullshit Dissemination Society has to say, eh Moonshi'ite?
Abu Dhabi, UAE (CNN)There was a time in the United Arab Emirates when the depiction of the Star of David on a t-shirt sold in local markets could prompt investigations by officials charged with policing the country's boycott of Israel.
But much has changed since then. Nearly two years ago, the UAE formally ended its near-half-century boycott, and on Tuesday, it became the first Arab country to sign a free trade agreement with the Jewish state. The pact was described by UAE trade minister Thani Al Zeyoudi as "a new chapter in the history of the Middle East."
If trade is a barometer of how serious the UAE is about its nascent partnership with Israel, then the numbers speak for themselves. The agreement would lift trade between the two nations to more than $10 billion within five years, from what Israel's Central Bureau of Statistics says was about $1.2 billion last year.
The Gulf nation had also allocated $10 billion for investments in Israel last year, singling it out as one of its main future economic partners along with seven other nations as the focus of its foreign policy shifts to business.
Experts say that the prize for Israel is much bigger than the population of roughly 10 million the Gulf nation offers, because the deal could open up access to the broader Middle East that it hasn't been able to tap yet.
Here's what you need to know about the pact and UAE-Israeli trade:
• Tariffs will be removed or reduced on 96% of goods traded between the nations, including food, medicine, diamonds, jewelry, fertilizers and other chemicals.
• A majority of duties would be waived immediately, and others would be removed up to five years from now. Those projects that will be subject to tariffs will be charged a lower rate.
Dorian Barak, co-president of the UAE-Israel Business Council, expects to see about 1,000 Israeli-owned companies operating from or through the UAE by the end of the year, including subsidiaries of Israeli companies, representative offices, sales operations, distributorships, and new ventures.
What does each side gain from trade?
Research provided by Paul Rivlin, an economist at Tel Aviv University, shows that the value of Israeli imports from the UAE was more than double its exports last year, but other experts say that Israel has a lot more to gain from trade with the UAE in the future.
The UAE's exports to Israel are expected to grow 0.5% by 2030, according to state-run Emirates News Agency, WAM, and the FTA would add $1.9 billion to the nation's economy within five years.
The UAE wants high-net-worth individuals, tourists, entrepreneurs, startups, and cutting-edge technologies, says Robert Mogielnicki, a senior scholar at the Arab Gulf States Institute in Washington, but "Israel will probably reap greater direct economic rewards. Israelis just have much more to gain than Emiratis do."
The UAE would see an influx of Israeli companies looking to set up regional headquarters from which to target business in the greater Middle East, South Asia and the Far East, says Barak.
https://edition.cnn.com/2022/06/01/business/uae-israel-trade-deal-mime-intl/index.html