End of Israel-Turkey Trade Relationship: Will High Tariffs Tear them Apart?

On Sunday, June 16th, the Israeli government will evaluate Finance Minister Bezalel Smotrich’s proposal to impose high tariffs on Turkish goods. The plan includes implementing a temporary resolution lasting until the end of Turkish President Recep Tayyip Erdogan’s term, which would eliminate all preferential tax rates outlined in the free trade agreement between Israel and Turkey. Additionally, a 100% duty would be imposed on imported goods, effectively blocking all Turkish product imports.

Previously in May, Turkey had imposed restrictions on direct exports to Israel and imports from Israel, which were later relaxed to exclude existing products. Despite this, trade between the two countries continued through ports in Greece and Bulgaria. However, the introduction of tariffs would bring an end to this trade relationship.

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