Ukraine and Israel signed an agreement on FTA

Украина и Израиль подписали соглашение о ЗСТ

Since the entry into force of the Agreement will be cancelled import duties for about 80% of Ukrainian industrial goods.

First Vice Prime Minister-Minister of economic development and trade of Ukraine Stepan Kubiv today, January 21, has signed a free trade Agreement between Ukraine and Israel. About it reports a press-service of the Ministry of economic development.

As noted, the agreement on FTA between Ukraine and Israel will provide new and better opportunities for Ukrainian exporters.

“Since the entry into force of the Agreement will be cancelled import duties for about 80% of Ukrainian industrial goods. Also, thanks to the cancellation of about 70% import duties on Israeli industrial products will become possible high-tech investment goods. This will contribute to the modernization of industrial production in Ukraine and increase the added value produced in Ukraine products,” – said Kubiv.

Stepan Kubiv noted that the free trade agreement with Israel to maintain and expand traditional exports to Ukraine, in particular for agricultural products and to open new opportunities for exports of goods with high added value.

“From 1 January this year, Ukraine gained membership in the pan-Euro-Med which allows us to create a triangle of free trade EU-Ukraine-Israel. This means that Ukrainian producers will be able to import other raw material from Israel, prereality in Ukraine and exported with a preferential rate of duty in the EU. This creates additional incentives for the production of high added value in Ukraine. For Ukrainians it will mean new jobs, decent wages and better living conditions,” – said Kubiv.

He also added that the agreement with Israel will promote increased trade and investment cooperation.

Negotiations on the free trade Agreement between the Governments of Ukraine and Israel began in 2013, but the most intensive work was carried out in 2016-2018, the Ukrainian delegation conducted 7 rounds of negotiations that ended in March 2018. The agreement initialed last year in April, further legal proceedings lasted until November. 21 November 2018 the Cabinet of Ministers of Ukraine approved the agreement and authorized Stepan Kubiv on his signing.