Israel signs pan-Euro-Med convention on rules of origin

Israel signs Euro-Med Agreement

  •   Israel signs pan-Euro-Med convention on rules of origin

    Photo: Council of the European Union

    On Thursday, October 10, 2013, Israel's Ambassador to the European Union, Mr. David Walzer signed the Pan-Euromed Convention on Rules of Origin.

    This convention will eventually lead to the simplification of trade procedures and will allow for those involved to react quicker to changes in the global economy.

    According to the Council conclusions of March 26, 2012, the main objective of establishing said convention is to, "facilitate the application of identical rules of origin for the purpose of diagonal cumulation of origin of goods" traded in the area.

    The convention is intended to "overcome the difficulties of management" due to the number of existing bilateral agreements. The conclusion of the convention will allow for the creation of a single legal instrument to replace the network of over 60 bilateral protocols on rules of origin in the pan-Euro-Med zone.