FLASH NEWS
Israel "takes revenge", imposes 100% tariffs on imports from Turkey after Erdogan's statements
2024-05-17 07:34:20 / BOTA
Israel will cancel a free trade agreement with Turkey and also impose 100% tariffs on other imports from the same country in retaliation for Erdogan's decision to freeze exports to his country.
As Israel's Finance Minister Bezalel Smotrich said, the plan will be submitted to the cabinet for approval.
Turkey earlier announced the suspension of trade transactions with Israel until a permanent cease-fire is ensured in Gaza as well as the uninterrupted delivery of humanitarian aid to the region, according to Turkish Trade Minister Omer Bolat.
"His (Erdogan's) announcement to ban imports to Israel constitutes a declaration of economic boycott and a serious violation of international trade agreements to which Turkey is committed," Smotrich said in a statement.
He noted that Israel's actions will only last as long as Erdogan remains in power.
"If at the end of Erdogan's term, the citizens of Turkey elect a leader who is reasonable and does not hate Israel, it would be possible to return the trade route with Turkey," said Smotrich.
Under Smotrich's plan, all reduced tariffs applicable to goods imported from Turkey to Israel under a free trade agreement would be removed. At the same time, a tax of 100% of the value of the goods will be imposed on any product imported from Turkey to Israel, in addition to the existing tariff.
The finance, economy and foreign ministries, the statement said, will also take steps to boost Israel's manufacturing while diversifying import sources to reduce dependence on Turkey.
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