Economy 2022-05-15T07:11:33+03:00
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Ukraine, Israel Complete Negotiations On Creation Of Free Trade Area

Ukraine, Israel Complete Negotiations On Creation Of Free Trade Area

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Ukraine, negotiations, Israel, free trade area

Ukraine and Israel have completed negotiations on creation of the free trade area.

Prime Minister of Ukraine Volodymyr Groysman announced this at a sitting of the Cabinet of Ministers on Wednesday, Ukrainian News Agency reports.

"I want to announce today that we had intensive work in 2017 to complete the negotiations on the free trade area with Israel. We trade for nearly USD 800 million now without any agreement on the free trade area. The negotiations have been completed today. There will be a joint statement of the governments and ministries of Ukraine and Israel that we have come to the signing of the agreement on free trade area," he said.

He voiced hope that Israeli Prime Minister Benjamin Netanyahu would visit Ukraine soon to sign the agreement on free trade area.

According to First Vice Prime Minister / Minister of Economic Development and Trade Stepan Kubiv, the agreement on free trade area with Israel will facilitate the development of industry in Ukraine due to the cooperation of Ukrainian and Israeli companies. The agreement will also make Ukrainian exports less expensive due to cancellation or reduction in some duties.

According to a statement by the Ministry of Economic Development and Trade of Ukraine, Ukraine boosted exports to Israel by 23.8% to USD 604.6 million in 2017 over 2016.

Nataliya Mykolska, Deputy Minister of Economic Development and Trade of Ukraine, says the free trade agreement with Israel will open the market for 80% of industrial goods.

The delegations of Ukraine and Israel have also agreed a plan on ratification of the free trade area agreement as soon as possible.

"This is a market with high import duties within the World Trade Organization, including for the food products. The agreement provides new opportunities and competitive advantages to Ukrainian producers and exporters in the market of Israel... For example, the agreement envisages immediate opening of the Israeli market for 80% of industrial products," she said.

She says the agreement on free trade area with Israel will give an impetus to the cooperation of Ukrainian and Israeli enterprises in high-tech industry, information technologies, engineering, production of equipment for the farming sector and the good industry.

As Ukrainian News Agency earlier reported, Prime Minister of Ukraine Volodymyr Groysman announced on March 28 that Ukraine and Israel had completed negotiations on creation of the free trade area.

According to a statement by the Ministry of Economic Development and Trade of Ukraine, Ukraine boosted exports to Israel by 23.8% to USD 604.6 million in 2017 over 2016.

Vice Prime Minister / Minister of Regional Development, Construction and Housing Public Utility Economy Hennadii Zubko says the trade between Ukraine and Israel made USD 502.2 million in the first six months of 2017.

In January 2017, President of Ukraine Petro Poroshenko and Israeli Prime Minister Benjamin Netanyahu agreed on the measures necessary to complete the process of concluding a bilateral agreement on establishment of a free trade area.

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