As disclosed by the Vice Minister of the Ministry of Economic Development and Trade of Ukraine, Ukraine and Israel have launched the agreement relevant to the free trade area (FTA) on the technical front.

It is reported that Ukraine and Israel have completed negotiations on the execution of the free trade agreement, which is expected to cancel import tariffs of 80% industrial products and some of the agricultural products within some quotas imported from Ukraine to Israel .

During the transition period (three years, five years and seven years), import tariffs will be phased out, which will be reduced to zero at the expiry of these provisions and the specific products will be partially liberalized.

In return, Ukraine will open up 70% of the industrial products market to Israeli manufacturers and cancel tariffs on some agricultural products immediately after validation of the free trade agreement, and will partly reduce some of Israel's seasonal vegetables and fruit tariffs within three to five years.