Israel and the Common Market countries have concluded a five-year preferential trade agreement that includes pledges on both sides for substantial reductions in tariffs on industrial and farm products. The agreement will go into effect after approval, expected this summer, by the Council of Ministers of the ECC and ratification by the Israel Knesset. Under the agreement Israel pledges tariff reductions of up to 45 percent on a wide range of industrial and agricultural goods it imports from Common Market countries. The latter have granted an immediate tariff cut of 40 percent on Israeli citrus and set an annual quota of 300 tons on Israeli exports of cotton textiles. The agreement applies to Israeli imports worth $82 million and to Common Market imports estimated at $86 million.
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