Israel to sever free trade agreement with Türkiye, imposes 100% tariff on imports

Israeli Finance Minister Bezalel Smotrich

17th May 2024 – (Jerusalem) Israeli Finance Minister Bezalel Smotrich announced on Thursday that Israel will terminate its free trade agreement with Türkiye. The decision comes as a direct response to Ankara’s recent move to cease exports to Israel. In addition, Israel will implement a 100-percent tariff on all Turkish imports.

This escalation in trade tensions is rooted in what Minister Smotrich describes as actions taken by Turkish President Recep Tayyip Erdogan against the Israeli economy. The new trade measures are set to be presented for approval by the Israeli cabinet and are intended to remain in force until the conclusion of President Erdogan’s current term in office.