Israel announces first step towards free trade pact with Japan

Foreign and economy ministry officials to meet with Japanese counterparts in pursuit of deal that could lift bilateral trade valued at more than $3.5 billion

Israel has agreed to open contacts with Japan aimed at reaching a free trade agreement that could lift bilateral trade valued at more than $3.5 billion, the Foreign Ministry said on Tuesday.
  • Follow Ynetnews on Facebook and Twitter

  • The first phase will be a meeting between representatives from the Israeli foreign and economy ministries with relevant Japanese officials, according to the statement.
    2 View gallery
    ישיבת ממשלה
    ישיבת ממשלה
    Yair Lapid
    (Photo: Knesset Channel)
    Israeli exports to Japan were valued at $1.241 billion in 2021, the ministry said, an 8% increase from 2020. The statement noted a 10% increase in imports from Japan to Israel since last year, valued at $2.333 billion in 2021.
    Israeli Prime Minister Yair Lapid hailed the move as a diplomatic achievement.
    "A year ago, my Japanese counterpart and I began discussing ways of deepening our economic ties. Today, Israel and Japan took the first step towards turning that vision into a reality," Lapid tweeted.
    2 View gallery
    גלעד כהן שגריר ישראל בטוקיו
    גלעד כהן שגריר ישראל בטוקיו
    Israeli Ambassador to Japan Gilad Cohen
    (Photo: Israeli Embassy in Japan)
    "Looking forward to working together to shape an economic partnership agreement between our nations," he added.
    "This is a meaningful process that could lead to lower customs, cheaper sales of Japanese cars imported to Israel and an expansion of the Israeli goods exported to Japan," Israel's ambassador to Japan Gilad Cohen said in a statement.
    The commenter agrees to the privacy policy of Ynet News and agrees not to submit comments that violate the terms of use, including incitement, libel and expressions that exceed the accepted norms of freedom of speech.