Israel's "what's good for Europe is good for Israel" regulation reform goes into effect

The "what's good for Europe is good for Israel" regulatory reform, spearheaded by Economy Minister Nir Barkat, goes into effect today.

The reform, the product of many years' work, is meant to streamline and lower the price of multiple products by relying on European standards and regulation instead of imposing an additional inspection on all foreign goods.

Minister Barkat conducted a series of meetings with the Economy Ministry's reform headquarters with the aim of surveilling the ongoing activity of importers and imports of goods into Israel to ensure the reform goes smoothly.

The Economy Ministry said that the reform is the biggest such freeing of the Israeli market in the last 40 years, a "historic move meant to turn Israel into an open, competitive market, with uniform regulation like in leading countries in the world."

According to a KMPG report, the reform is set to save families about 500 NIS a month and 6,000 NIS a year.