°®Âþµº

Ìýis looking to expand its trade with to more than $1 trillion over the next decade, an Emirati minister said on Monday.Ìý

Economy Minister Abdulla Bin Touq Al-Mari told a virtual conference that is exploring "many areas of economic opportunities" with Israel, including in defence, energy, and food security.Ìý

The statement came as the UAE and Israel marked the one-year anniversaryÌýof the US-brokered , which normalised ties between the two countries.

The minister said an "influx" of trade between the two countries should be expected within the next two years.Ìý

"We are looking to create over $1 trillion dollars of economic activity over the next decade," said Al-Mari.ÌýÌý

"We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries."Ìý

Over 60 agreements have been signed between during the course of their one-year relationship.ÌýÌý

The biggest commercial deal to date has been Israeli oil company Delek Drilling selling itsÌý22 percent share in the east Mediterranean Tamar gas field to Abu Dhabi’s Mubadala Petroleum.

The Tamar field is one of Israel's primary energy resources and can produce 11 billion cubic metres of gas a year.Ìý

Ilan Sztulman Starosta, who heads Israel's first consulate in the , said earlier this month that trade between the two countrieswithin a year if the Covid pandemic abates.

A number of Israeli start-ups in fields such as artificial intelligence and agriculture have set up shop in the UAE, and nearly 200,000 Israelis have visited the Gulf country over the past year.ÌýÌý

"The main benefits for the UAE [after formally recognising Israel] have been economic," Elham Fakhro, an analyst at the International Crisis Group think tank toldÌýAFP.

"Tourism, cultural exchanges, cyber-security agreements, and diplomatic exchanges have benefitted the two states."