UAE lifts economic embargo on Israel  

Dubai/Jerusalem – The United Arab Emirates (UAE) has lifted the nearly three-decade-old economic embargo imposed on Israel. UAE President Sheikh Khalifa Bin Zayed Al Nahyan issued an ordinance to that effect on Saturday. Two weeks ago, US President Donald Trump had announced the signing of a peace agreement between Israel and UAE. Thereafter, by lifting the economic embargo imposed on Israel, UAE has clearly indicated that the focus will be on strengthening the diplomatic and economic relations with Israel.   

economic embargo

Following the creation of Israel, the Arab countries have consistently taken a stand against Israel over the rights of the Palestine people and have even refused to accept the very existence of Israel. The Arab countries had concurred that the presence of Israel would be recognised only after the formation of a Palestine nation. But changes are visible in the stand of the Arab countries since the last few decades. The peace agreements signed by Egypt in 1979, Jordan in 1994 and now UAE, confirm this change in the stand. It is believed that following UAE, other Arab countries like Oman and Bahrain also are keen on signing peace agreements with Israel.   

In 1972, UAE had imposed an economic embargo on Israel and made legislation for the purpose. This legislation has been scrapped with the ordinance issued on Saturday. The order also assures strengthening economic cooperation with Israel. It has been reported that while the announcement is being made, talks have already started between the Israeli Bank Leumi and a leading bank in the UAE Emirates NBD.  

An Israeli minister indicated that the peace agreement announced by US President Donald Trump is likely to be signed in the next month. Israeli Regional Cooperation Minister Ofir Akunis informed that the Jewish New Year is starting in the next month and the Israeli government is desirous of signing the peace agreement before that. The signing ceremony will be held in the US capital of Washington.  

President Trump had informed that as per the Israel-UAE peace agreement, both the countries would start embassies and establish cooperation in trade, tourism, medicine, education and defence sectors. Some people were of the opinion that peace could not be established between Israel and the UAE. The US President had claimed that this historic agreement would result in an increase in the cooperation in the technology sector along with benefit for the economies, and this will in turn also benefit other countries from the region. Turkey, Iran and Palestinian groups are bitterly opposed to this agreement and have threatened that UAE will have to suffer the repercussions of this act. 

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