The Free Zone Agreement with Israel enters into force

Thanks to the free trade zone, trade between the two countries can reach $ 2 billion, experts say.

The agreement on the creation of a free trade zone between Ukraine and Israel entered into force on Friday, January 1, 2021, as reported by President Volodymyr Zelenskyy in Twitter.

According to the document, import duties on industrial goods (except jewelry) are canceled: Ukraine cancels 70% of tariffs and Israel 80%. Furthermore, a zero duty will apply to 60% of agricultural products on the Israeli side and 34% on the Ukrainian side.

As the experts predicted, thanks to the FTA, the commercial turnover between Ukraine and Israel could double and reach two billion dollars in the coming years.

We will recall, Minister of Economic Development, Trade and Agriculture Igor Petrashko said that Ukraine plans to negotiate new ZVT agreements with China, Egypt, Jordan and Indonesia.

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