Photo from UNIAN
The document is expected to be signed in late November 2018.
The Cabinet of Ministers of Ukraine has approved the draft agreement on a free trade area (FTA) between Ukraine and Israel.
First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade Stepan Kubiv was authorized to sign the document, the TV news service TSN.ua reported on November 21, referring to the ministry's press service.
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The draft agreement is expected to be signed in late November 2018.
The development of the document began in 2015. The Ukraine-Israel FTA talks ended on March 28, 2018. As a result, a plan for the further action to sign the document had been approved.
The ministry says that due to the agreement, Ukrainian exports to Israel will increase soon, and the balance of trade between Ukraine and Israel will improve as well.
As reported, the Ukraine-Israel FTA agreement will not be valid in the temporarily occupied territory as a result of Russian aggression, namely the Autonomous Republic of Crimea, the city of Sevastopol, and certain areas of Donetsk and Luhansk regions, until Ukraine's constitutional order is fully restored there.
The government says that according to the Export Strategy of Ukraine, in particular Ukraine's Strategic Trade Development Roadmap (2017-2021), Israel is among the TOP 20 promising markets for Ukrainian products exports. It is also one of Ukraine's major trading partners in the Middle East.
The most promising areas for cooperation between the two countries are agricultural production, tourism, hydrocarbon processing, communications, medicine, energy efficiency, and environmental protection.