Tel Aviv [Israel], August 16 (ANI/TPS): The first part of a new law regarding the application of European standards of regulation for products imported into Israel was approved by the Knesset with the support of both the coalition and the opposition.

Known as “What is good for Europe is good for Israel,” the plan is to adopt the European standards because they are less strict than those held by Israel until now in the hope that this will increase competition and lower prices.

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The government said the new law will put an end to the difficulty in importing to Israel, the delays and the many inspections at the ports – which made it difficult to import to Israel and burdened the importers with high costs that were ultimately passed on to the consumers.

Economy Minister Nir Barkatsaid, “We made history today.” (ANI/TPS)

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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)