Israeli Economy Minister Nir Barkat and US Trade Representative Jamison Greer signed a new bilateral trade agreement on agriculture. It replaces the previous agreement concluded in 2004.
Under the terms of the agreement, Israel will phase out tariffs on 308 types of American agricultural products. The repeal process will last until 2036. The list of American products exempt from taxes includes meat, poultry, vegetables, fruits, honey, cheeses, milk powder, wine, juice.
At the same time, negotiations are underway to return to Israeli producers the preferences lost as a result of the Donald Trump administration’s revision of the tariff policy.
The new agreement is designed to increase competition in the Israeli market. Its phased nature is intended to allow Israeli farmers and the food industry to prepare for the changes. However, the innovation will inevitably cause protests in the industry.