As the UAE and Israel have decided to normalise their diplomatic relations, the stage is set to step up mutual trade. Following the announcement of the peace accord with Israel, President Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree-Law No. 04 of 2020, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof.
The Decree comes as part of the UAE’s efforts to expand diplomatic and commercial cooperation with Israel. By laying out a roadmap towards launching joint cooperation the government aims to lead forth the bilateral relations by stimulating economic growth and promoting technological innovation, reports WAM.
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.
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.
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