The Abraham Accords Peace Institute has released its progress report for 2021, which shows massive gains in many areas despite the COVID-19 pandemic, in a strong affirmation of the positive benefits of the new peace agreement.
“In spite of the Covid-19 Global pandemic, significant strides were made in the trade relations between Israel and Abraham Accords countries, with major commercial activity leading to massive increases in trade,” the report noted.
For example, trade between Israel and the UAE increased by 511% in 2021, to a whopping $1.15 billion. Trade between Israel and Bahrain increased from zero in 2020 to $6.5 million last year.
In addition to increased trade, the report said the UAE has established a $10 billion fund to invest in specific sectors in Israel. Other agreements include and electricity and water agreement with Bahrain and a strategic partnership with Morocco to increase business contracts between the two nations.
“While the historic Abraham Accords have led to an exciting surge in economic ties between Israel and its new Arab partners, the Accords’ promise goes much deeper than bilateral business deals. The peace agreements have the potential to transform the region, creating a new Middle East corridor of prosperity, stability, and trade,” the report also declared.
In addition to investment growth, the report also noted a string of major events between Israel and nations included in the Accords over the past year. For example, Israel and the UAE now have ambassadors in each other’s capitals, a major achievement in diplomatic relations. In December, Israel sent its first ambassador to Bahrain.
Israel’s Defense Minister Benny Gantz also visited Morocco in November. The trip included the signing of a new security agreement that marked another historic first between the two nations.
The remarkable endeavors of 2021 have shown the tremendous benefits of peace between Israel and some of its Middle East neighbors. The future may hold even stronger developments as the nations in the Accords continue to develop partnerships, and potential new nations consider joining in with the agreement.