Israel launches plan to open economy to imports

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(MENAFN – IANS)

Tel Aviv, July 16 (IANS) Israel has launched a national plan to open the economy to imports, the finance and economy ministries said in a joint statement.

The plan is expected to reduce the regulatory burden on importers, especially small and medium-sized ones, by removing trade barriers, Xinhua News Agency reported on Thursday, citing the statement.

This will expand the range of products marketed in the country and increase competition, lowering prices and saving about 5 billion new shekels ($ 1 billion) per year for the Israeli economy.

The plan aims to lower the cost of living, increase productivity and increase the growth of Israeli industry and the Israeli economy in general.

It is based on a reform carried out in Switzerland in 2010 and will align Israeli regulations with import principles from Organization for Economic Co-operation and Development countries, the ministries noted.

The plan will exempt importers from presenting manufacturer certificates on the product’s compliance with Israeli standards.

They will only need to present laboratory tests to confirm suitability.

–IANS

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