Israel Intends to withdraw from Free Trade Agreement with Turkey

Israeli Finance Minister Bezalel Smotrich said on Thursday that Israel will cancel the free trade agreement with Turkey and will also impose 100% customs duties on other imports from Turkey in response to President Recep Tayyip Erdogan's decision to halt exports to Israel.

Smotrich explained that the plan will be presented to the Israeli Cabinet for approval.

The Israeli official believes that increasing customs duties on imports from Turkey is the appropriate response to Turkish President Recep Tayyip Erdogan.

Smotrich considered that "Erdogan's announcement to stop imports to Israel is a declaration of an economic boycott and a serious violation of international trade agreements to which Turkey has adhered for many years."

Earlier in May, Turkey officially announced the severing of all commercial relations with Israel, and stressed that it would not be undone until it ensured that humanitarian aid supplies to the Strip would not be interrupted.