The partnership agreement between the European Union and Israel will take effect June 1st, according to an EU ministerial statement released Friday, quoted Saturday by Kuwaiti news agency (KUNA).
The statement pointed out that the partnership agreement, signed in 1995 and approved by the European parliament in 1996 has received the seal of approval of all EU country parliaments.
The agreement provides for a political dialogue between the European Union and Israel, the setting up of a free trade zone according to the laws of the world trade organization (WTO), free flow of capital and liberalization of services with due respect to competitiveness law.
The partnership agreement also calls for strengthening cooperation in all fields including social and cultural sectors.
A ministerial-level partnership council is to be set up and meet at least once a year besides forming a partnership committee that follows up implementation of the accord – Albawaba.com
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