Tel Aviv, Jul 16 (IANS): Israel has launched a national plan to open the economy to imports, the Finance and Economy Ministries announced in a joint statement.

The plan is expected to reduce the regulatory burden on importers, especially small and medium-sized ones, by removing trade barriers, Xinhua news agency reported citing the statement as saying on Thursday.

This will expand the range of products marketed in the country and increase competition, lowering prices and saving about 5 billion new shekels ($1 billion) a year for the Israeli economy.

The plan aims to reduce the cost of living, raise productivity, and increase growth in the Israeli industry and the Israeli economy in general.

It is based on a reform carried out in Switzerland in 2010 and will align Israeli regulation with the import principles of the Organisation for Economic Cooperation and Development countries, the Ministries noted.

The plan will exempt importers from presenting manufacturer's certificates on the product's compliance with Israeli standards.

They will only have to present lab tests to confirm the suitability.