3 years after enlargement, Trade with East Europe doubled

The report also shows that trade with the 15 old EU members was up by 34% from US$16.8 billion in 2003 to US$22.6 billion in 2006
 
Report prepared by the economic department of the Federation of Israeli Chambers of Commerce on the third anniversary of the European enlargement on 1st May 2004 (On 1 May 2004, the European Union welcomed 10 more Member States: Cyprus, the Czech Republic,Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. ) shows that trade with the 10 new members was up 89%, from US$950 million in 2003 to US$1.8 billion in 2006
 
The report also shows that trade with the 15 old EU members was up by 34% from US$16.8 billion in 2003 to US$22.6 billion in 2006.
 
Uriel Lynn, President of the Federation of Israeli Chambers of Commerce said following the publication of the report that the 10 new members are gradually closing the gap between them and the more developed European members, the ten countries attract foreign investors due to lower company taxes and cheaper labor.
 
The economic department of the Federation of Israeli Chambers of Commerce forecast that trade with the ten countries will grow in 2007 by 16% to US$2.1 billion.