Israel has taken the initial steps towards engaging in discussions with Japan with the goal of establishing a free trade agreement, as confirmed by the Israeli foreign ministry. This move has the potential to significantly impact bilateral trade, which is currently valued at over $3.5 billion.
The first phase of this process will involve a meeting between representatives from Israel’s foreign and economy ministries and relevant Japanese officials, as stated in the official announcement.
In 2021, Israeli exports to Japan reached a value of $1.241 billion, marking an 8% increase from the previous year. Additionally, imports from Japan to Israel saw a noteworthy uptick, with a 10% increase, resulting in a total value of $2.333 billion in 2021.
Israeli Prime Minister Yair Lapid has described this development as a diplomatic achievement, highlighting the potential benefits it could bring.
Israel’s ambassador to Japan, Gilad Cohen, commented on the significance of this process, stating, “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.”
The discussions between Israel and Japan hold promise for enhancing economic ties between the two nations and fostering greater trade opportunities in the future.
Stay updated with supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.
#IsraelJapanFTA #BilateralTrade #EconomicDiplomacy #TradeAgreement #GlobalTrade #ExportGrowth #ImportIncrease #IsraelEconomy #JapanTradeRelations #EconomicCooperation
