On March 18, EEC and Israel ministers dealing with trade and economic matters announced that a special research group composed of representatives of EEC and different agencies and ministries of the two states started its work in Jerusalem. Its work will be aimed at estimating economic benefit from concluding an agreement about conducting free trade between Israel and CU.

Joint research group of two countries will carry out deep analysis of prospects for establishing FTZ; define matters that will be covered by the agreement and approaches for mutual settlement of the most important details. After experts finish the work, a detailed report containing professional recommendations will be composed on the basis of which Israel and CU leaders will be able to make a decision about possibility to create FTZ.

In the meantime it is forecasted that free trade zone agreement will create favorable conditions for starting and continuing effective economic collaboration between the countries. Moreover, it is quite possible that according to practice established in CU, customs duties for imported/exported goods, circulating between the countries will be lowered; different measures for increasing, stimulating and protecting investments as well as developing transborder services will be introduced.