Photo from UNIAN
The two countries also intend to develop cooperation in innovations and high technologies.
First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade Stepan Kubiv says Ukraine and Israel in next five years plan to boost the trade turnover from US$772.5 million in 2017 to $2 billion per year.
"I had a meeting with Israeli Minister of Economy and Industry Eli Cohen. We agreed to increase the trade turnover to $2 billion over the next five years," he wrote on Facebook on July 25.
According to Kubiv, the countries also intend to develop cooperation in innovations and high technologies.
"I called on the Israeli businesses to create joint ventures in Ukraine, which will produce products with high added value in a number of areas: from agribusiness sector to industry," he added.
Read alsoUkraine, Israel agree upon readiness of free trade deal
Kubiv also noted that Ukraine and Israel intend to sign an agreement on a free trade area (FTA) by the end of the year.
As UNIAN reported, the trade turnover between Ukraine and Israel in January-May 2018 rose by 5.8% year-over-year (y-o-y) to $387.5 million. Ukraine posted a trade surplus of $207.2 million over the said period.
In 2017, trade between the countries amounted to $772.49 million having increased by 14.7% from 2016. In particular, cereals accounted for 46.5% in the structure of exports, ferrous metals – 25.9%, seeds and oilseeds – 7.9%, food industry residues and waste – 4.8%, and timber and wood products – 1.7%.