The Ministries of Health, Finance and Economic Affairs have reached agreement on the promotion of cosmetics regulations. The regulations are based on the principles of advanced European regulation in which products can enter the market after a short and simple process of notifying after the product has been inspected by a responsible representative appointed by the manufacturer or importer, while establishing safety mechanisms and adopting the standard standards in Europe and the developed countries.
The new regulations will be submitted tomorrow to the Knesset for approval. The market is estimated at NIS 8.6 billion a year and is expected to open up as a result of this reform to competition, to increase the range of products and companies operating in the market and to lower prices. The reform will also increase the volume of exports of Israeli products to the EU and will lead to the removal of the barriers, due to the similarity created by regulation. It was also agreed that the three ministries will discuss an outline for the introduction of additional countries into the list of recognized countries in the coming months.