Israel signed the first of a series of free trade accords here last week with representatives of the European Foreign Trade Association, a group of five small nations that are not members of the European Community.
The agreement calls for a reduction of tariffs, effective July 1, between Israel and the EFTA countries. They are Austria, Switzerland, Liechtenstein, Norway, Sweden, Finland and Iceland.
According to Ya’akov Cohen, deputy director general of trade and industry at the Foreign Ministry in Jerusalem, who headed the Israeli delegation, the agreement calls for the parties to set up free-trade areas. It includes bilateral arrangements for concessions on agricultural products.
Israel and the EFTA representatives will meet again Feb. 11-12 to finalize the agreement.
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