The Ministry of Foreign Affairs of Ukraine (MFA) announced that on 21 January 2019, cabinet ministers of Ukraine and Israel signed the 1500 page Free Trade Agreement (FTA) in Jerusalem during the official visit of the President of Ukraine, Petro Poroshenko, to Israel.

According to the MFA, the purpose of the Agreement is to create the legal basis for the liberalization of the markets for industrial and agricultural products of the parties.

The Agreement will promote the development of bilateral trade and economic cooperation between the countries, allow domestic producers to benefit from the liberalization of the goods market of the State of Israel, open up opportunities for both expansion of markets and development and modernization of production of the Ukrainian business.

The FTA will have to be approved by the Ukrainian and Israeli parliaments (Verkovna Rada and Knesset, respectively) before entry into force.