President Sheikh Khalifa abolished a decades-old UAE law banning dealings with Israel as part of ongoing efforts to normalise relations between the countries.
The UAE announced the issuing of Federal Decree-Law Number 4 of 2020, abolishing Federal Law Number 15 of 1972. The decision to remove the Israel Boycott Law will allow people and companies in the UAE to enter into agreements with bodies or people living in Israel or belonging to it by nationality as part of commercial or financial operations or dealings of any other nature.
It will be permissible to import and exchange or possess Israeli goods and products of all kinds in the UAE and to trade in them.
The UAE and Israel announced an agreement on August 13 to establish full diplomatic ties, while Israel committed to the suspension of its planned annexation of Palestinian territories.
The UAE-Israel Abraham Accord came into effect after a call between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. The accord has been praised internationally, including by the UN.
US Secretary of State Mike Pompeo visited the UAE on Wednesday as part of a regional tour, where he called for more Arab countries to establish ties with Israel.
Mr Pompeo said the Abraham Accord was “the most significant step toward peace in the Middle East in over 25 years”.
Minister of State for Foreign Affairs Dr Anwar Gargash recently said that the Abraham Accord will open up the region in a number of ways, including in terms of technological co-operation and wider trade.