Economic Development Ministry: Ukrainian exporters to benefit from free trade agreement with Israel

Deputy Economic Development and Trade Minister of Ukraine Natalia Mykolska said this at a Cabinet’s meeting, an Ukrinform correspondent reports.

According to her, last year Israel's imports reached $70 billion.

"It was important to sign the free trade agreement as Israel is a fairly closed market with high bound tariff rates within the WTO, in particular with respect to food products. This deal opens new opportunities and grants Ukrainian producers and exporters the competitive advantages in the Israeli market. For example, the agreement provides for the immediate opening of the Israeli market for 80% of industrial products," Mykolska added.

As the official noted, trade in industrial products will be gradually liberalized, noting that jewelry will be the only exception on both sides.

As reported, according to the State Statistics Service of Ukraine, the volume of trade in goods and services between Ukraine and Israel totaled $973.4 million in 2017.

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