Israel, Japan Initiate Free Trade Talks

By Hamodia Staff

Japanese Prime Minister Fumio Kishida speaks to reporters at his office in Tokyo, Japan, Monday, Nov 21, 2022. (Kyodo News via AP)

YERUSHALAYIM – Israel and Japan are in talks to reach a free trade agreement, Prime Minister Yair Lapid said on Tuesday. 

“This morning in Tokyo, we agreed to take a first step toward the signing of a free trade agreement between Israel and Japan, which means discounts for products and goods from Japan for the benefit of the Israeli market and increasing Israeli exports to Japan, the third-largest economy in the world, Lapid said in a statement released by his office.

“This year, we are also celebrating 70 years of relations between our countries and this is further proof of their growing strength – diplomatically and economically,” he added.

Israeli exports to Japan were valued at $1.241 billion in 2021, the ministry said, an 8% increase from 2020. The statement noted a 10% increase in imports from Japan to Israel since last year, valued at $2.333 billion in 2021.

The announcement comes a day after Israel said that the first round of talks with Bahrain toward a free trade deal had concluded successfully, and a second round was scheduled for December. It would make Bahrain the second of the Abrahams Accords countries to do so, after the UAE.

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