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100% tariff on all items! Abolition of free trade agreements

2024-05-21 09:21

Israeli Finance Minister Smotrich said in a statement on May 16 that Israel would abolish its free trade agreement with Turkey and impose 100 percent tariffs on imports from Turkey. The statement said the decision was a countermeasure to Turkey's decision to suspend all import and export trade activities with Israel, and would be submitted to the cabinet for approval. Israel will remove all tariff reductions on goods imported from Turkey to Israel under the FTA, and in addition to the existing tariff rates, additional tariffs will be imposed on 100% of the value of these goods. The Ministry of Finance, Ministry of Economy, Ministry of Foreign Affairs and other relevant departments will seek alternatives to reduce the Israeli economy's dependence on Turkey and diversify the sources of goods imports.

According to Israel's Central Bureau of Statistics, Israel's exports to Turkey in 2023 amounted to $1.57 billion and imports amounted to $4.61 billion. Turkey is Israel's fifth-largest importer and ninth-largest exporter. Turkey's trade ministry 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 catastrophe in the region. The Israeli Foreign Ministry said on the 3rd that it would take a number of countermeasures against Turkey's decision. Israel decided to take measures to reduce Turkey's economic ties with the Palestinian West Bank and the Gaza Strip, and push the international economic and trade organizations to impose sanctions on Turkey for violating trade agreements. Israeli Economy Minister Balkat said on the 3rd that Israel has complained to the Organization for Economic Cooperation and Development about Turkey's decision.

Previously, on May 5, Maersk had issued an announcement to suspend all import and export trade between Turkey and Israel, as well as cancel bookings.

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