14:09 21.11.2018

FTA agreement between Ukraine, Israel to be signed in coming weeks

2 min read
FTA agreement between Ukraine, Israel to be signed in coming weeks

Ukrainian Foreign Minister Pavlo Klimkin has announced the signing of an agreement on a free trade zone (FTA) between Ukraine and Israel in the coming weeks.

"In the coming weeks, we will sign our open-ended agreement on a free trade zone with Israel," the foreign minister said at a high-level international conference on countering anti-Semitism and anti-Zionism in Vienna on Wednesday.

As reported, on Wednesday, November 21, the Cabinet of Ministers of Ukraine authorized First Deputy Prime Minister, Minister of Economic Development and Trade of Ukraine Stepan Kubiv to sign a free trade area (FTA) agreement between Ukraine and Israel.

According to the accompanying documents to the draft decision, a copy of which has been sent to Interfax-Ukraine, Israel plans to annul imports duties for 9.2% of agricultural goods and around 80% of industrial goods. Ukraine will retain the current tariff rates for the following goods: poultry and byproducts, frozen pork, some types of fish, dairy products, vegetables, grains, fats, finished meat products, sugar, sweets, canned vegetables, sauces, wines, tobacco products and other goods.

At the same time, the expert opinion to the draft resolution indicates that Ukraine intends to abolish import duties for 6.8% of agricultural goods and about 70% of industrial goods.

"In addition, this agreement is "an agreement with exceptions," since it provides for not full liberalization of import duties, but transitional periods until the full abolition of import duties, partial liberalization of import duties and exceptions for the preferential trade regime," the government said in the document.

Most of all, in absolute terms, Ukraine's exports to Israel of grain and cereals (except raw rice and wheat), dairy products, vegetable oils, oilseeds, other foods, beverages and tobacco products could grow. Most of all, in absolute terms, imports from Israel of other industrial products, chemical products and rubber products, other food products, vegetables and fruits, finished metal products, other machinery and equipment could grow, according to the accompanying documents.

At the same time, in the expert opinion, in addition to the possible positive effect of this agreement for Ukrainian exporters to Israel, there is also a negative impact on the manufacturers of light industry and mechanical engineering in Ukraine.

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