The free trade agreement (FTA) between Israel and Ukraine will take effect on January 1, 2021, allowing the country to ramp up exports of goods with comparative advantage, Ukrainian President Volodymyr Zelenskyy said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 24th November, 2020) The free trade agreement (FTA) between Israel and Ukraine will take effect on January 1, 2021, allowing the country to ramp up exports of goods with comparative advantage, Ukrainian President Volodymyr Zelenskyy said on Tuesday.
"FTA between Ukraine and Israel will take effect on January 1, 2021! This is a new level of relations between the countries & the 'green light' to the growth of Ukrainian exports, closer cooperation in the fields of high-tech, engineering, investment," Zelenskyy said on Twitter.
In January 2019, Israeli Prime Minister Benjamin Netanyahu and then-Ukrainian President Petro Poroshenko announced that they had signed the bilateral free trade agreement. The Ukrainian side completed the ratification procedure on August 6, 2019, despite criticism from its chain store suppliers association, which does not consider it to be in the country's best interests.
Israel has been long unable to ratify the agreement partly due to a prolonged political crisis, which was resolved earlier this year in a coalition between Netanyahu's Likud party and his main rival, Benny Gantz's, Blue and White.
In August, during a telephone conversation with Zelenskyy, Netanyahu said that Israel would complete the ratification of the free trade agreement with Ukraine soon.
