Israel, UAE sign trade deal during Israeli FM Yair Lapid's visit

The United Arab Emirates (UAE) and Israel signed a trade deal on Wednesday during the historic first trip of an Israeli foreign minister to the country.

According to a joint statement issued by Israel's top diplomat Yair Lapid and his Emirati counterpart Abdullah bin Zayed Al Nahyan, a joint economic committee headed by the respective Economy Ministries of the two countries would be established to implement the deal.

Both countries are also working on a free trade agreement, it said.

Israel and the UAE are looking to foster cooperation in the areas of research and technology, as well as establish free movement of goods between both countries.

During his two-day visit in the wealthy Gulf state, Lapid also inaugurated the Israeli embassy in Abu Dhabi and a consulate general in Dubai, which he called a place of dialogue between "two talented peoples" during the opening ceremony.

Israel signed agreements - known as the Abraham Accords - establishing diplomatic ties with the UAE and Bahrain in September following mediation by the United States.

The Abraham Accords were "a beacon of light that paves the way for other countries to join the circle of peace and will enhance stability and prosperity for both countries, as well as for the entire region," the two ministers said in their statement.

The UAE and Bahrain became the first Gulf countries to establish official ties with Israel, crossing a decades-old line drawn by most Arab states who had refused relations with Israel until the conflict with the Palestinians had been resolved.