Israel plans to terminate trade agreement with Turkiye in retaliation for stopping exports

Bezalel Smotrich, Israels finance minister, speaks during a news conference in Jerusalem, Israel on 11 January 2023 [Kobi Wolf/Bloomberg via Getty Images]

Israeli Finance Minister, Bezalel Smotrich, said Israel would abolish its free trade agreement with Turkiye, Reuters reports.

According to the report, Minister Smotrich also said Israel would impose a 100 per cent tariff on other imports from Turkiye in retaliation for Turkish President Tayyip Erdogan’s decision to halt exports to Israel.

The plan, he said, would be submitted to the cabinet for approval, the report added.

Earlier this month, Turkiye said it was stopping exports to Israel during the duration of the Israel-Palestine war, citing “worsening humanitarian tragedy” in the Palestinian Territories.

Last week, Turkish Trade Ministry has said that companies have three months to fulfil existing orders via third countries.

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