Published 18:52 IST, August 29th 2020
UAE issues decree to formally end Israel boycott law allowing economic agreements
UAE on August 29 reportedly issued a decree to formally end its boycott of Israel in a bid to allow trade and financial agreement between the two countries.
- World News
- 2 min read
The United Arab of Emirates (UAE) on August 29 reportedly issued a decree to formally end its boycott of Israel in a bid to allow trade and financial agreement between the two countries. According to international media reports, the decree from UAE President Khalifa bin Zayed Al Nahyan aims at supporting bilateral cooperation in order to arrive at the establishment of bilateral relations amid US-brokered peace deal to normalise relations. The decree comes as part of UAE’s efforts to expand diplomatic and commercial cooperation with Israel.
As per reports, the latest announcement also comes as El Al Airlines plans to operate Israel’s first direct flight between Tel Aviv’s Ben Gurion Airport and the UAE’s capital Abu Dhabi, carrying an Israeli delegation and top aides to US President Donald Trump. White House Senior adviser Jared Kushner will reportedly be among the US officials on the flight, which is set to depart on August 31.
The decree reportedly read that 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. According to 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.
‘Full normalisation’ between UAE and Israel
Saturday’s developments are a part of the ‘historic agreement’ between the two countries. On August 13, Israel and the United Arab Emirates along with the US released a joint statement that US President Donald Trump, Israeli PM Benjamin Netanyahu, and Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed agreed to the 'full normalisation’ of relations between UAE and Israel.
Meanwhile, the two countries also plan to immediately expand and accelerate cooperation regarding the treatment of and the developments of a vaccine for coronavirus. 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.
Updated 18:52 IST, August 29th 2020
