A formal agreement was finally reached last night between Israel and the European Economic Community under which Israel will receive immediately substantial cuts in tariffs on 21 of its exports to the six-nation European Common Market. The agreement is for three years.
The agreement covers reduction of duties and tariffs on Israeli export products, suspension of the 20 percent EEC common external tariff, lowering of national duties to the external tariff reduction level and specific arrangements on some exports Altogether the agreement deals with about 25 Israeli export items to the EEC.
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