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According to an agreement that was reached last night between the Ministry of Finance and the Ministry of Industry, Trade and Labor, import duties on products will be gradually removed by 2017. The program, however, will not be implemented in the near future.
In 2012 Israel will remove import duties on 20% of products with no local production. Between 2013 and 2017 import duties on products will be lifted gradually, subject to the signing of trade agreements with the countries of origin: South Korea, China, and India.
Minister of Industry Shalom Simhon has approved the agreement over the lowering of import duties. He said that a proposal was being prepared to ensure increased competition and the importation of competing products, as well as making sure that the industry can handle the imports.
Simhon also referred to government funding budget cuts in R&D, saying, "Scientific research budgets are being seriously cut, and this is jeopardizing Israel's technological advantage at a time when countries around the world are adopting the Israeli model of investing government money in R&D."
"By not approving larger budgets for R&D today, we are in essence giving up on Israel's future in everything connected to remaining the world technology leader," Simhon said. "We must look forward in this area, just as we are in other fields, such as in higher education, or agricultural research. If we don’t take control of the situation, we will lose an important Israeli asset. I am warning everyone so that we don't wake up when it is too late."
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