The Knesset plenum passed the “What is good for the US – is good for Israel” bill in its second and third readings last week. The legislation, initiated by Economy and Industry Minister MK Nir Barkat, marks the completion of one of the most comprehensive import reforms spearheaded by the ministry in recent years.
For the first time, the new law permits the local manufacturing, importing, and marketing of a vast array of goods that comply with US federal regulatory requirements, completely bypassing the need to adapt to unique Israeli standards or clear cumbersome bureaucratic hurdles. The Economy Ministry estimates that introducing the American regulatory track alongside the existing European framework will significantly expand import channels, slash redundant bureaucracy, and fuel market competition.
Economy and Industry Minister MK Nir Barkat stated: “A historic day for the Israeli economy – an important economic–consumer move to open up the market. A significant step that will increase competition and open the Israeli market to high–quality, diverse, and safe imports. This move will not only promote trade with our greatest partner, the United States, but will also bring direct news to the consuming public – more competition, more power to the consumer, and cheaper prices in the market.”
Mirroring the framework of the European reform, this latest move targeting the American market will roll out in several phases, with the initial phase scheduled to take effect at the beginning of 2027.
The products covered under the first phase include baby and children’s goods, toys, bottles, drinking accessories, feeding utensils, beds, cribs, strollers, swings, bouncers, bicycles, detergents, laundry powders, dishwasher detergents, and various other consumer goods.
Data from the Economy Ministry indicates that the previous regulatory alignment with European standards drove a substantial drop in consumer prices:
Furthermore, a comprehensive survey conducted among local commercial importers revealed that approximately 92 percent of respondents who adopted the reformed track reported a clear positive impact on their business operations, citing notable cost savings, an expanded product range, and a diminished regulatory burden.
Source:
www.jpost.com
