Shafaq news/ DUBAI (Reuters) - The president of the United Arab Emirates has issued a decree cancelling a law on boycotting Israel and allowing trade and financial agreements between the two countries, the UAE official news agency WAM reported on Saturday.

The decree from UAE President Khalifa bin Zayed Al Nahyan aims at “supporting bilateral diplomatic and commercial cooperation in order to arrive at (the establishment) of bilateral relations”, the agency said.

Repealing the UAE law about Boycott Israel in the country, agreements can be concluded for individuals and companies residing in Israel or belonging to it by their nationality or working for it or for its benefit wherever they are, in terms of commercial, financial operations, or any other dealings.

It will also be permitted to exchange all Israeli products.