Open source
Ukraine and Israel signed the free trade area agreement. As reported on the official website of the Presidential Administration, the signing process took place in Jerusalem.
The agreement was signed by Ukraine’s Minister of Economic Development and Trade Stepan Kubiv and Israel’s Minister of the Economy and Industry Eli Cohen.
President of Ukraine Petro Poroshenko and Israeli Prime Minister Benjamin Netanyahu also attended the signing ceremony.
After the signing ceremony, Kubiv once again clarified what this agreement would give to Ukrainian exporters:
- import duties for about 80% Ukrainian industrial goods will be abolished since the agreement entered into force;
- new opportunities for the modernization of industrial production in Ukraine, because the abolition of about 70% of import duties on Israeli industrial products will contribute to high-tech investment imports;
- increasing Israeli investment in industry, agribusiness, high-tech sectors, IT, innovation;
- a new triangle of free trade Ukraine-EU-Israel, and Ukrainian producers will join the formation of global value chains.
"We also expect the expansion of Ukrainian-Israeli cooperation in the field of transport engineering, aviation and automotive," added the Ukrainian minister.
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