A new bill seeks to transform Israel into a free trade zone by applying various reforms to customs fees and other tariffs, Israel Hayom learned Monday. 

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The Israel Free Trade Zone bill, sponsored by Likud MK Ariel Kellner and lobbied for by the Our Interest advocacy group, aims to "transform Israel into a modern, progressive economy and a significant player of the global economy."

The legislative proposal names simplifying customs regulations as its main objective. It further aims to reduce the levies imposed on each imported item to no more than 8% and remove unnecessary market entry barriers and regulatory requirements.

Kellner plans to present the bill for its preliminary Knesset reading in the next few days. 

"The bill will transform the Israeli economy so that it will benefit ordinary citizens, who are underrepresented by advocacy groups," Kellner said.

"The removal of market entry barriers and the new customs policy will reduce the price of products, especially of staple foods. This will ease the financial burden on everyone, especially those from the lower [socioeconomic] echelon. This policy will eventually make local production more efficient and will increase the wages of the local workers.

"The bill defines Israel as a free-trade country. It relies on the international standards and reducing import tax as much as possible," he explained. 

Under the proposed law, customs tariffs will be gradually reduced by 10% each year until each item is subject to 8% tax at most. According to the bill, higher customs fees will only be possible through a decree by the Knesset Finance Committee and only following the finance minister's recommendation.

"The existing cost of living and low workforce productivity affect all of our standard of living," Our Interest CEO Elad Malka said. "The bill presents Israel with an opportunity to become a modern, progressive economy and a significant player of the global economy."

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Just in time for holiday engagement season, the US retail jewelry chain Jared has announced the debut of an exclusive engagement ring collection by Israeli bridal designer Pnina Tornai of Say Yes to the Dress fame.

Marking Jared's first partnership in the bridal fashion world, each of the rings in Tornai's collection comes with a unique backstory, all inspired by love stories Tornai has heard in her two decades of working with brides.

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The rings all feature a signature rose gold cuff detail with three diamonds in the band, symbolizing two exceptional individuals and the life they create together. Each ring will also come with a certificate of authenticity, verifying it as an original Pnina Tornai design.

The new 31-piece collection retails from $699 to $19,999 and will be available exclusively in Jared retail stores in the US and online.

"In my years working closely with brides, I've had the privilege of hearing thousands of spectacular love stories that inspired me to create my first-ever jewelry collection – because these beautiful jewels would not have a purpose if it weren't for love," Tornai said.

"It has always been a dream for me to create an engagement jewelry collection," the designer said.

The jewelers are equally excited.

"We're thrilled to launch Pnina Tornai's first-ever ring collection – One by Pnina Tornai – exclusively at Jared, showcasing her unique designs inspired by her years of experience making brides feel special," said Bill Brace, chief market officer and executive GM at Jared.

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