Ukrainian parliament ratifies free trade agreement with Israel

Ukrainian parliament ratified the international agreement on a free trade zone (FTA) between Ukraine and Israel, information on the official parliament's website showed on Thursday.

On January 21, Ukraine and Israel signed the FTA agreement according to which Israel cancels about 80 percent of import duties for Ukrainian industrial goods and more than nine percent for agricultural products. At the same time, Ukraine drops about 70 percent of import duties on Israeli industrial products and more than six percent for agricultural goods.

According to Natalya Mikolskaya, Ukraine's ex-deputy minister of economic development and trade, the FTA with Israel will give the green light for cooperation between the two countries in high-tech, engineering, food processing equipment and other industries.

"The Israeli market is fairly closed with high import taxes, in particular, for agricultural products. Therefore, this agreement opens up opportunities and competitive advantages for Ukrainian exporters," wrote the expert on her Facebook page.

The agreement should enter into force 60 days after ratification by the Parliament of Ukraine and the Israeli Knesset.

Source(s): Xinhua News Agency