RIYADH: Bilateral trade between the UAE and Israel more than doubled in 2022 after the countries signed a free trade agreement in May to reduce tariffs on the majority of goods. “Trade in goods (excluding software) between Israel and the UAE reached a new record in 2022 and stands at $2.56 billion compared to $1.22 billion in 2021,” Israel"s Ambassador to the UAE Amir Hayek stated in a tweet. He added this is an increase of 109.7 percent, which places the UAE at 16th position out of 126 countries with which Israel trades. This comes as the governments of the UAE and Israel ratified a comprehensive economic partnership agreement last month with an aim to remove or reduce tariffs on 96 percent of goods traded between the nations. The UAE and Israel have been working to strengthen their business ties even since both countries signed the Abraham Accord in September 2020. The comprehensive deal signed last year was in continuation of that effort to provide economic benefits for both nations by eliminating tariffs on 99 percent of the value of trade. The deal is expected to enhance market access for exporters, attract new investment, and create new opportunities as both countries look to increase their bilateral trade to over $10 billion in the coming years. Earlier this month, the UAE held its first financial dialogue meeting with Israel in a bid to boost cooperation ties and encourage innovation between the two countries, Emirates News Agency WAM reported. The meeting, which was held virtually, saw discussions around financial services developments, cyber-financial cooperation, and opportunities and potentials for cooperation between the two countries at regional and global levels, such as the World Bank and the Financial Action Task Force. Younis Haji Al Khoori, under-secretary of the Ministry of Finance, headed the UAE delegation, while the Israeli side was led by Shira Greenberg, chief economist and director of state revenue, research, and international affairs from the country’s Ministry of Finance. Speaking at the opening of the financial dialogue meeting, Al Khoori said the platform is a testament to the strength of the relationship between both countries. “The UAE-Israel Financial Dialogue brings together the ministries of finance and central banks, as we believe it is important to keep an open dialogue between both countries to discuss issues that impact our financial systems and potential areas of bilateral and regional cooperation,” he added Al Khoori also mentioned that the recently signed comprehensive economic partnership Agreement between the UAE and Israel will further solidify the bilateral relations between both countries and create new opportunities to develop priority sectors such as agri-tech, renewable energy, and advanced technology.