JERUSALEM, Dec. 8 (Xinhua) -- Israel's Minister of Economy and Industry Nir Barkat and Costa Rica's Minister of Foreign Trade Manuel Tovar Rivera signed a free trade agreement on Monday in Jerusalem, Israel's Ministry of Economy and Industry said in a statement.
Under the agreement, more than 90 percent of tariff lines will be removed immediately, and about 95 percent of traded products will receive preferential treatment, which is expected to lower prices in Israel on food products, raw materials and various types of industrial equipment, according to the statement.
Israel's current exports to Costa Rica average around 32 million U.S. dollars annually. In light of the new agreement, growth is expected to accelerate, with expansion into new sectors, said the statement.
"The signing of the agreement is a significant achievement for Israeli industry," said Roi Fisher, director of the foreign trade system at the Israeli Ministry of Economy and Industry.
"Upon its entry into force, Israeli exporters will enjoy preferred access to a market with high tariff rates -- an advantage that strengthens their competitiveness," Fisher added.
