Abu Dhabi [UAE], August 29 (ANI/WAM): Following the announcement of the peace accord with Israel, President Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree-Law No. 04 of 2020, abolishing the Federal Law No. 15 of 1972 regarding boycotting Israel and the penalties thereof.

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.

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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.

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. (ANI/WAM)

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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)