Ukraine and Israel might increase the turnover by 15% during the next five years due to the Free Trade Area agreement signed by states, as Ukrinform reported citing Ambassador of Israel to Ukraine Joel Lion.
“According to the expert studies, we will increase the volume of the trade by 15% during the next five years. It means that the turnover between Ukraine and Israel will make about a billion dollars. The agriculture will remain the main direction of distribution for Ukraine, as 63% of the Ukrainian export to Israel is the goods of the agriculture. It is very important for us to have such import from Ukraine,” Lion said.
Besides, the ambassador emphasized that the increase of the export from Ukraine in the agriculture sector is the important element of this agreement.
“For example, if we talk about sunflower, which is used for the production of the oil; its export to Israel will help to decrease the cost of living as more sunflowers arrive than cheaper the price for the oil will be and people will have more money,” he said.
“At the same time, considering Ukraine, if we talk about fruits and vegetables exported from Israel and create the competitive atmosphere with other countries, decreasing the prices, then the products will be supplied without taxes or cheaper price and then the competition will appear,” he added.
As we reported the Cabinet of Ministers of Ukraine authorized First Vice Prime Minister and Minister of Economic Development and Trade Stepan Kubiv for the signing of the agreement on the Free Trade Area (FTA) with Israel.
Ukraine and Israel completed the technical initializing of the deal earlier this year; the talks were completed in March. Later, in August, the sides agreed to sign it.