JERUSALEM, June 2 (Xinhua) -- Israel lifted tariffs on imports of industrial goods, including raw materials for industry, the state's Finance Ministry said in a statement on Thursday.

       Israeli Finance Minister Avigdor Lieberman decided on the tariff abolition in late February, and it became official after he signed a cancellation ordinance on Wednesday evening, according to the ministry.

       It includes the imports of salts, oils, nitrates and phosphates, compounds, medicines, paper products, minerals, plastics, rubber, paints and more, which is of up to 12 percent.

       The measure is expected to help enterprises by reducing costs and increase productivity in the Israeli economy, as well as to help open up new import markets, reduce regulation and increase parallel imports, said the ministry.

       The latest decision joins the recent abolition of tariffs on a series of food and consumer products, as part of a national plan aimed at tackling the country's high cost of living.

       The industry tariff cancellations consist of an import reform in Israel, the first part of which went into effect on Wednesday, according to the ministry.

       The reform obviates the inspection obligation on tens of thousands of imported products entering Israel, and importers will only have to declare that the products meet the standards.