The "what is good for Europe is good for Israel" EU import reform was passed in the Knesset plenum Monday.
The legislation is a set of four laws meant to fight Israel's high cost of living by following EU standards for consumer goods, and cutting bureaucracy around imports.
As part of the reform, it will now be possible to import to Israel any product from any supplier who has approval in Europe.
The reform is expected to bring about the import into Israel of a variety of new food products, toiletries, electronic appliances and more, currently offered for lower prices in Europe.
Amount of products for sale set to increase
The amount of products for sale is expected to increase, as well as competition, as the number of suppliers of brands increases, said the Finance Ministry.
The Finance Ministry also said that the reform will reduce the nearly NIS 10,000 that every household in Israel spends on products included in the reform every year.
In a poll conducted in April 2023 using a sample of the Israeli adult population, 60% of the respondents claimed that the government is mainly responsible for the high cost of living, placing an emphasis on the increase in food prices.
In January, State Comptroller Matanyahu Englman disclosed a report addressing the cost of living in Israel. This report revealed that food prices in Israel are 51% higher compared to European Union countries and 37% higher than the OECD average.
"The Finance Ministry is continuing to advance structural reforms to increase competition and lower cost of living," said Yoav Gradus, director-general of the Budget Department, in the Finance Ministry.
"The 'what is good for Europe is good for Israel' reform is expected to remove trade barriers that restricted import to Israel and led to high prices; and accordingly, to increase the variety of products available to consumers along with lowering the cost of living."
Jerusalem Post Staff contributed to this report.