Stepan Kubiv inks free trade agreement between Ukraine and Israel

January 21, 2019, First Vice Prime Minister/Minister of Economic Development and Trade of Ukraine Stepan Kubiv signed the Free Trade Agreement between Ukraine and Israel.

Israel became the 46th country with which Ukraine signed the Free Trade Agreement. Since the entry into force, import duties for about 80% of Ukrainian industrial goods will be abolished.

Also, thanks to the abolition of about 70% of import duties on Israeli industrial products, high-tech investment imports will be possible. This will contribute to the modernization of industrial production in Ukraine and will increase the added value of products manufactured in Ukraine.

Agreement allows save and expand the traditional export to Ukraine, to the environment for the products of the agro industrial complex, and enter new products for exporting goods to the high prices.

In addition, the agreement will contribute to an increase in trade and investment cooperation. The export of Ukrainian goods to Israel is already growing. If at the end of 2016, Ukraine exported goods to Israel for $ 488.5 million, in 2017 this figure was already $ 604,600,000. For 11 months, 2018 exports to Israel exceeded $ 535 million.

Also, as of 10/01/2018, Israel invested $ 46.7 million in the economy of Ukraine.

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