Israel and the UAE have signed a customs agreement, the final precursor before a free trade agreement between the two countries comes into effect, marking the first such agreement between the nations. Israeli Foreign Minister Eli Cohen and Emirati Ambassador to Israel Mohammed Al Khaja signed the agreement, which Israeli Prime Minister Benjamin Netanyahu hailed as historic. The free trade agreement was concluded in May 2022, and enters into force on April 1. The UAE is Israel's 16th largest trading partner, with commercial exchanges excluding information products and services exceeding $2.5bn this year.