"Over the ten months of 2020, Ukraine exported goods to Israel to the tune of $450 million and imported goods from Israel worth $140 million. Traditionally, we supply grain, oil and other agricultural products to this country. The free trade area will provide an opportunity to increase agricultural exports," Head of the State Service of Ukraine on Food Safety and Consumer Protection Vladyslava Mahaletska told NV media outlet.
With the entry into force of the free trade area, a zero rate of customs duty is set for fish, rapeseed oil, prepared and canned vegetables, and a zero-duty tariff quota – for poultry, dairy products, eggs, honey, wheat and bakery products, wines.
"In the future, the list of goods will only increase, so Ukrainian exports to Israel will only grow. The increase in trade is projected at $2 billion. It's not just optimism but a reality," the Head of the State Service of Ukraine on Food Safety and Consumer Protection noted.
Mahaletska added that the implementation of new terms for cooperation between the two countries also aims to increase Israel’s investment in Ukraine.
"So far, foreign direct investment from Israel to Ukraine is at a fairly low level and does not reach even $100 million. This does not correspond to the opportunities for cooperation between the countries. The free trade area can create a cumulative effect for our economy and increase the level of investment," the official said.
She noted that Ukraine has every chance to become a platform for the launch of new productions with the participation of Israeli, European and Ukrainian capital which will focus on production for the Israeli and the EU markets.
As Mahaletska noted, the consultations and negotiations on signing a free trade agreement between Ukraine and Israel lasted more than 12 years.
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