15 Mar 2022
The Abraham Accords is a joint declaration between the United Arab Emirates (the UAE), Israel, and the United States (the US) initially agreed on 13 August 2020, which is officially known as the Abraham Accords Peace Agreement (Treaty of Peace, Diplomatic Relations and Full Normalization Between the United Arab Emirates and Israel). By signing this peace treaty, the UAE has become third in Arab countries following Egypt and Jordan; they have already recognized Israel in 1979 and 1994 and the Persian Gulf’s first state. Bahrain also followed the UAE’s footsteps and signed the same agreement to normalize diplomatic relationships with Israel. This agreement was signed on 15 September 2020 in the White House in Washington, DC, in the presence of the president of the US, DonaldTrump. This peace agreement was ratified by the UAE parliament and cabinet on 19 October 2020.
The agreement paved the way for the UAE and Israel to establish diplomatic relations publicly. The signing of this agreement ended the enmity of seven decades between the two countries, although they have never been at war in the past. After this agreement, Israel postponed the annexation of parts of the West Bank of the Gaza Strip. This agreement is considered a diplomatic breakthrough in Arab-Israel cooperation, excellent and stable relations, and a prosperous region. Besides, following this joint agreement, Abu Dhabi Investment Office has opened its first overseas branch in Israel, and Israeli investors have started formally investing in the UAE; they have opened several kosher restaurants for visitors from Israel. Previously, UAE companies were not allowed to open branches in Israel or conduct businesses or commercial activities. Even, export and import of goods from and to Israel were prohibited, and UAE shipping companies were also not allowed to travel through Israel. This new development has positively changed a number of things between the two countries. It is helping Small and Medium Enterprises (SMEs) as well. The UAE and Israel have started to collaborate in the educational sector to develop ties through education and the exchange of knowledge and technology, including artificial intelligence, IT in the high-tech industry. This joint peace agreement is expected to be a new opening of opportunities and cooperation between the UAE and Israel at the diplomatic level and trade and investment between people of both countries. check out our website to know about the latest legal updates in UAE.