Ukraine and Israel have agreed to speed up negotiations on a free trade area (FTA) between the two countries, Ukrainian President Petro Poroshenko has said.

"We have agreed to speed up negotiations on a free trade agreement, because it is the only anti-crisis way that is absolutely mutually beneficial," Poroshenko said at a joint press briefing with Israeli President Reuven Rivlin in Kyiv on Tuesday.

The Ukrainian president said he believes progress will be made in this area soon.

As reported, on January 19, 2016, Israeli Ambassador to Ukraine Eliav Belotserkovsky said he hoped that Ukraine and Israel will sign a free trade area agreement before the end of 2016.

The two countries' mutual trade stood at $800 million, a decline as compared to the previous period, he said. Israeli exports to Ukraine dropped, while Ukraine's exports to the Israeli market grew 4% to some $600 million-$650 million.