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This will greenlight the increase in Ukrainian exports, closer cooperation in high-tech, engineering, and development of investment cooperation.
Ukrainian President Volodymyr Zelensky says the Free Trade Area (FTA) between Ukraine and Israel will start operating from January 1, 2021.
"The FTA between Ukraine and Israel will start operating from January 1, 2021," Zelensky wrote on Twitter on November 24, 2020.
According to the president, this is a new level of relations between the two countries and a green light for increasing Ukrainian exports, closer cooperation in high-tech, engineering, and development of investment cooperation.
"Great news," Zelensky tweeted, tagging Israeli Prime Minister Benjamin Netanyahu.
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Ukraine and Israel signed the Free Trade Agreement on January 21, 2019. The aim is to create a legal basis for the liberalization of markets for the parties' industrial and agricultural goods.
In July 2019, deputies of the Verkhovna Rada, Ukraine's parliament, ratified the Free Trade Agreement with Israel, which opens wide opportunities for domestic producers to conquer the strategic market.
On August 6, 2019, Ukrainian President Volodymyr Zelensky signed into law a bill, passed by the Rada on July 11, to ratify the agreement between Ukraine's Cabinet of Ministers and the Government of Israel on a free trade area.