Israel's economy might greatly hit after Turkish trade ban
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Update time : 2024-05-08 16:43:51
Turkey's recent decision to cease all trade relations with Israel is expected to have significant repercussions on the Israeli economy, leading to abrupt price hikes, according to reports from Israeli media.
Turkey's sudden halt in trade leaves Israeli authorities scrambling to find alternative import channels. This move followed Turkey's earlier restriction on exports to Israel in specific product categories on April 9, eventually escalating to a complete trade ban by May 2.
Israeli news outlet Calcalist warned of imminent financial strain, citing the cessation of essential raw material imports, which is likely to drive up prices of basic goods, food, and housing.
In response, the Israeli government is formulating a four-stage plan, including measures to reduce economic ties with Turkey, the Palestinian Authority, and Gaza. This plan also involves seeking international sanctions against Turkey for violating trade agreements and providing financial aid to affected sectors.
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