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UAE Economy Minister: Opportunities for Cooperation with Israel in Vital Sectors

UAE Minister of Economy Abdullah bin Touq Al Marri. WAM
UAE Minister of Economy Abdullah bin Touq Al Marri. WAM
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UAE Economy Minister: Opportunities for Cooperation with Israel in Vital Sectors

UAE Minister of Economy Abdullah bin Touq Al Marri. WAM
UAE Minister of Economy Abdullah bin Touq Al Marri. WAM

UAE’s Minister of Economy, Abdullah bin Touq Al Marri, has said that the peace accord between his country and Israel would open up new horizons for economic cooperation to serve their mutual interests and enhance the foundations for sustainable development in the region.

The Minister said Tuesday that the deal stimulates trade and investment cooperation between the UAE and Israel, and the region.

He further highlighted the new business opportunities that would be made available under the deal.

"We have promising opportunities for cooperation in vital sectors that serve the two countries' future economic development agendas. These include medicines, energy, life sciences, food security, financial services, tourism and travel, in addition to the fields of space, defense, security, research and development,” said Al Marri.

He was speaking in a webinar hosted by the American-Emirati Business Council and the US-Israel Business Initiative of the American Chamber of Commerce, with the support of the Trade and Commercial Office of the UAE Embassy in Washington.

The webinar was attended by more than 500 business council and chamber members, most prominently the US-UAE Business Council, the US-Israel Business Initiative, and directors of several multinational companies.

During the webinar, Al Marri said that the UAE and Israel will work together to explore areas of cooperation and jointly develop vital partnership projects between business communities in both countries.

"The outcomes of signing this historic accord will pave the way for new business and investment opportunities, generating new cash flows and robust business activities that will provide immediate benefits to the UAE and Israel. The private sectors in both countries, as well as the regional economies, will undoubtedly benefit from this accord," Emirates News Agency (WAM) quoted him as saying.

He added: "American businesses play a pivotal role in establishing the economic and commercial ties between UAE and Israel, and the American investors and companies can be major players in this regard and serve as vital links by functioning out of their headquarters and offices located in the UAE and Israel."

Furthermore, he elaborated on the main plans and objectives adopted by the UAE government for the upcoming phase, highlighting the government’s general plan and a package of 33 initiatives to support the national economy and promote sustainability, WAM reported.

"Our efforts and initiatives in this regard are part of our vision to overcome the economic challenges caused by the COVID-19 pandemic, promote growth, support business activities across all key sectors, enhance national economy’s resilience and competitiveness, and develop a long-term economic development model," the minister concluded.

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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession.

Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan.

“As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank.

But, he cautioned: "It’s clear that neither the US nor China want to be the first in reaching out for a deal."

China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs.

The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship.

A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach.

The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country.

"The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said.

Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide.

The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear.

The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing.

The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response.

"Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said.

A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines.

Huatai Securities said the list corresponded to $45 billion worth of imports to China last year.

China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".