Israel on Monday announced the cancellation of tariffs on the imports of meat products to reduce consumer prices, the country's finance and agriculture ministries said in a joint statement. The new decision applies to fresh beef, sausages, and other meat products, the statement said, aiming to lower prices and reduce the cost of living.The statement also noted that the country will grant tariff exemption for 6,500-tonne of olive oil.
The statement noted that meat prices in Israel are 43 percent higher than the average in the Organisation for Economic Co-operation and Development countries. Besides lowering prices, the decision is expected to increase the variety of meat products imported to Israel, it added. The new decision joins the recent cancelation of tariffs on a wide range of food and consumer products and the reduction of tariffs on raw materials for industry.