Israel, Ukraine agree to negotiate free trade agreement

In view of Ukraine’s imminent admittance to the Word Trade Organization (WTO) Israel and Ukraine agreed last week to set up a joint working group which will negotiate a free trade agreement between the two countries.

Boaz Hirsh, VP Foreign Trade and Head of Foreign Trade Administration at the Industry, Trade and Labor Ministry, said at the end of the meeting that certain developments were made in particular on matters related to agriculture, transport, standards and trade relations.

In 2005 bilateral trade between Israel and the Ukraine totaled USD 369 million. In January-September 2006 bilateral trade totaled USD 334 million, 19 percent higher than in the corresponding period in 2005. Israeli exports was USD 91 million, 17.2 percent increase compared to the parallel. Imports from Ukraine was USD 243 million, 19.2 percent increase compared to the parallel.