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UAE Says It Concludes Free Trade Agreement with Colombia

The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai. (Reuters file photo)
The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai. (Reuters file photo)
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UAE Says It Concludes Free Trade Agreement with Colombia

The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai. (Reuters file photo)
The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai. (Reuters file photo)

The UAE said on Saturday it had concluded the terms of a trade deal with Colombia, which it called the first such bilateral agreement between the Gulf and South America.

"The UAE and Colombia have concluded the terms of a Comprehensive Economic Partnership Agreement – the first bilateral trade deal between the Gulf and South America," Thani Al Zeyoudi, UAE minister of State for Foreign Trade, wrote on X.

"We can look ahead to a new era of cooperation that will deliver growth for both nations."

UAE state news agency WAM said the deal, once implemented, will "remove or reduce tariffs on the majority of product lines, eliminate unnecessary barriers to trade, improve market access and deepen collaboration" across a variety of sectors, including energy, telecommunications, tourism and food production.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.