Israeli Knesset Advances Bill To Lower Cost of Living Through EU Product Imports
A significant legislative move occurred late Tuesday night when a Knesset committee approved a financial reform bill that aims to lower the cost of living in Israel by facilitating the import of various consumer products currently available in the European Union. This initiative is expected to introduce substantial changes to the Israeli market by making products more affordable.
The bill, which sailed through the Ministerial Committee on Fighting the Cost of Living, is chaired by Likud MK David Bitan. It is now poised for second and third readings in the Knesset, following initial approval by the ministerial Cost of Living Committee in February.
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This reform will allow Israel to adopt EU-approved standards that are sufficient to ensure consumer safety and quality, thereby eliminating the need for additional testing in Israel. This change is anticipated to streamline the import process and significantly reduce the prices of consumer goods, including cosmetics and food.
Economy Minister Nir Barkat, who played a pivotal role in chairing the committee, highlighted the historical significance of this legislation, remarking, “This is a historic day. For decades, we have been trying to solve the problem of the high cost of living in Israel, and for the first time, we have a comprehensive solution at hand.”
