Free trade agreement ratification
The free trade zone between Ukraine and Israel shall enter into force on 1st January 2021. However, we recall that the Ukrainian Parliament ratified the Agreement in July 2019, and in August the President of Ukraine, Volodymyr Zelensky, signed into law its ratification. Continuous legislative elections were the main reason for such delay of ratification from Israel.
After the Agreement enters into force, import duties on Israel will be in fact completely abolished on 80% and 9.2% of industrial and agricultural goods, respectively, and by Ukraine on 70% of Israeli industrial products and 6.8% of agricultural products. This will greatly simplify trade in goods, in which countries are most interested: for Ukraine these are cereals, fats and oils, base metals, plant products, food, wood and wood products. As for Israel, these are precious metals, chemicals, machines and apparatus. For other agro-industrial goods (15% for Israel and 2% for Ukraine) partial liberalization is envisaged.
During
a briefing session on Monday, the President of Ukraine also announced the start
of work to expand the agreement to the service sector, which has suffered the
most from the pandemic. Therefore, this
is a strategically correct step that will contribute not only to the
"recovery" of the tertiary sector of the economy of Israel and
Ukraine, but also to the restoration and further development of tourism between
countries, as well as increasing competitiveness and efficiency of domestic
markets.
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