Abu Dhabi, Aug 29 (IANS): The United Arab Emirates (UAE) on Saturday issued a decree to formally end its boycott of Israel amid the US-brokered peace deal to normalize relations between the two countries.
The Decree comes as part of the UAE's efforts to expand diplomatic and commercial cooperation with Israel, and by laying out a roadmap towards launching joint cooperation, leading to bilateral relations by stimulating economic growth and promoting technological innovation, Gulf News reported citing the state-run WAM news agency as saying.
It added that the move was made on the orders of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and the Emirates' leader.
"Following the abolition of the Israel Boycott Law, individuals and companies in the UAE may enter into agreements with bodies or individuals residing in Israel or belonging to it by their nationality, in terms of commercial, financial operations, or any other dealings of any nature," the report said.
Based on the decree, it will be permissible to enter, exchange or possess Israeli goods and products of all kinds in the UAE and trade in them.
Saturday's development comes after Israel and the UAE on August 13 reached a historic agreement, brokered by US President Donald Trump, to work towards a "full normalization of relations".
As part of the agreement, Israel will suspend the annexation of Palestinian lands in the occupied West Bank, while it focuses on expanding ties with other Arab countries with other nations in the Muslim world.
The UAE and Israel will also immediately expand and accelerate cooperation regarding the treatment of and the development of a vaccine for coronavirus.
According to reports, this is the first peace treaty between Israel and an Arab country in 25 years.