Greater than the Sum of its Parts: Abraham Accords Free Trade Area
Tue, 03/07/2023 – 05:00
The Abraham Accords provide an unprecedented opportunity to increase trade and investment among its members significantly by establishing a regional free trade area which would ensure progress toward their aspirations, preserve the integrity and stability of global markets, fuel growth, and constrain China’s predatory trade practices.
Signatories to the Accords committed to a shared vision of peace and prosperity and recognized that economic integration can enable members to achieve their long term economic goals. The Accords have paved the way for comprehensive partnerships on a variety of issues related to security, trade, investment, the environment, innovation, tourism, energy, and other key sectors. While the growth in bilateral trade is of great significance, the true transformative power of these peace agreements lies in expanding regional integration and cooperation.
This is already underway. Israel concluded a Comprehensive Economic Partnership Agreement (CEPA) with UAE in December 2022 and is currently negotiating a free trade agreement with Bahrain. Both will significantly accelerate economic development and provide incentives for others to follow suit. Israel’s new Foreign Minister Eli Cohen recently stated that the …read more
Source:: Hoover Institution