CURRENT AFFAIRS

Detailed explanation-1: -2023. Israel and the United Arab Emirates (UAE) signed a free trade agreement on 31 May 2022. Tariffs will be removed or reduced on 96% of goods traded between the nations. The UAE predicted the Comprehensive Economic Partnership Agreement would boost annual bilateral trade to more than $10 billion within five years.

Detailed explanation-2: -UPSC Mains. Q. Which country has recently signed a free trade agreement (FTA) with the United Arab Emirates? Notes: Israel has signed a free trade agreement with the United Arab Emirates, its first big trade pact with an Arab state.

Detailed explanation-3: -On November 24, 2021, the Israeli Minister of Defense, Benny Gantz, signed a joint security understandings agreement with Moroccan defense minister Abdellatif Loudiyi. This is the first time that Israel has signed such an agreement openly with an Arab state.

Detailed explanation-4: -The MoU relates to Project Prosperity, which has two components: Prosperity Green and Prosperity Blue. Prosperity Green includes a 600-megawatt (MW) solar photovoltaic plant, complemented with electric storage, which will be built in Jordan and produce clean energy for export to Israel.