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100% tariff on all goods! Abolition of the Free Trade Agreement

May 21,2024

israeli finance minister smoleher said in a statement on 16 may that,Israel will scrap its free trade agreement with Turkey and impose a 100 percent tariff on imports from Turkey.The statement said that this decisionCountermeasure against Turkey's decision to suspend all import and export trade with IsraelIt will be submitted to the Cabinet for approval. Israel will eliminate all tariff reduction measures on goods imported from Turkey to Israel under the FTA. In addition, in addition to the existing tariff rate, an additional tariff of 100 per cent of the value of these goods will be levied. Ministry of Finance, Ministry of Economy, Ministry of Foreign Affairs and other relevant departmentsAlternatives will be sought to reduce Israel's economic dependence on TurkeyDiversifying the sources of commodity imports.

According to the Israeli Central Bureau of Statistics, Israel's exports to Turkey in 2023 will be US $1.57 billion and imports will be US $4.61 billion. Turkey is Israel's fifth largest importer and ninth largest exporter. The Turkish Ministry of Trade announced on the 2nd of this month that Turkey has decided to suspend all import and export trade with Israel due to Israel's actions in the Gaza Strip that continue to exacerbate the humanitarian disaster in the region. The Israeli Foreign Ministry said on the 3rd that it would take a number of countermeasures against Turkey's decision. Israel has decided to take measures to reduce Turkey's economic ties with the Palestinian West Bank and Gaza Strip, and to promote international economic and trade organizations to impose sanctions on Turkey for violating trade agreements. Israeli Economy Minister Barkat said on the 3rd that Israel has complained to the Organization for Economic Cooperation and Development about Turkey's decision.

Prior to this, on May 5, Maersk issued an announcement to suspend all import and export trade between Turkey and Israel, as well as cancel booking.

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