Ukraine and Israel Verify a Free Trade Zone Agreement

Flags of Ukraine and Israel

In the recent years, the Ukrainian government has been working on more deals to brighten up the economic situation in the country. On August 1, months-long negotiations have finally led to a verification of the free trade zone agreement between Ukraine and Israel. Let’s see what this means for Ukraine.

According to the press release from the Ministry of Economic Development and Trade of Ukraine, authorized representatives from delegations of Ukraine and Israel met in Tel Aviv on August 1 to fully authorize the text of the free trade agreement.

The deal is aimed at strengthening the cooperation between the two countries as well as rising the trade index and cooperation in the industrial and agricultural sectors. As of now, Ukraine’s trade deals with Israel bring 800 million dollars per year. According to the Minister of Economic Development and Trade of Ukraine Stepan Kubiv, both countries plan to increase the number to 2 billion per year.

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Ukraine mostly exports grain crops, metals and food products and imports chemical products, plastic and polymeric materials from Israel. The document consisting of 12 sections will be scheduled for signing after translation into Ukrainian and Hebrew.

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