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As of January 1, 2021, the conditions of a free trade zone (FTA) between Israel and Ukraine began to operate. In the future, this will allow us to double the commercial turnover, to $ 2 billion.
The new deal was previously reported on his blog at Twitter President Vladimir Zelensky. The Free Zone includes the abolition of import duties on manufactured products (excluding jewelry). Ukraine will cancel 70% of the tariffs and Israel, 80%.
The zero tariff will apply to 60% of agricultural products from Israel and 34% from Ukraine. According to expert estimates, the commercial turnover between Ukraine and Israel may double and reach $ 2 billion in the next 2-3 years, despite the fact that Ukraine has a stable positive balance of foreign trade of goods and services with Israel . In other words, we sell more to this country than we buy.
Israel will have more high-quality Ukrainian products, in particular, Ukrainian sweets, nuts, juices, bakery products, poultry meat, finished poultry products, dairy products, vegetable oils, eggs, honey. In a few years, the application of a zero duty will lead to increased supplies of Ukrainian flour, tomato sauce, tomato paste, seeds, tobacco, duck meat to Israel. A consumer in Israel may well expect a decrease in the price of these products, “Igor Zhovkva, deputy director of the Office of the President of Ukraine, explained to NV.
As OBOZREVATEL previously reported, the parties signed the free trade zone agreement with Israel on January 21, 2019. The Verkhovna Rada ratified the document in July 2019 and in August Zelenskiy signed a law ratifying the free trade agreement with Israel.
The reason for the delay in the ratification of the agreement by Israel was the holding of parliamentary elections. In March, they were held for the third time in a row, as Prime Minister Netanyahu was unable to form a government after two elections in April and September 2019.
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