Tel Aviv [Israel], October 9 (ANI/TPS): In a move described as "historic," Israel's Ministry of Agriculture and Food Security will provide support totalling approximately 65 million Shekels (USD 19.7 million) per year to fish farmers in Israel.

An outline reached in an inter-ministerial agreement between the Ministry of Finance and the Ministry of Agriculture, with the support of farmers' organisations, will complete the transition from protective tariffs to direct support and ensure long-term stability for growers and the industry. At the same time, the opening of the market is expected to benefit the consumer, increase competition, and lead to a reduction in the cost of living, said the ministries.

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The agreement completes the industry's transition from indirect support through protective tariffs to a framework of direct support for farmers. Accordingly, tilapia, carp and mullet farmers will benefit from support totaling 40 million Shekels (USD 12.25 million) per year in 2026-2029, and 25-35 million Shekels (USD 7.66 - 10.72 million) between 2030-2032.

At the same time, tariffs on fresh fish of these types will be gradually reduced in three stages until completely removed in 2029. Within the framework of the framework between 2026-2032, these fish will benefit from direct support per kilogram in a framework decreasing from 2 to NIS 3.5 Shekels per kilogram. Currently, approximately 9,000 tons of this type of fish are farmed in Israel, and they are considered beloved, fresh and healthy, and constitute a significant part of the traditional consumption of fish in Israel. (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)