Israeli Finance Minister Bezalel Smotrich said on Thursday that Israel will scrap its free trade agreement with Turkey and also impose 100% tariffs on other imports from Turkey in retaliation for Turkish President Tayyip Erdogan’s decision to freeze exports to Israel.

The plan, he said, will be submitted to the cabinet for approval.

It is recalled that Turkey has announced the suspension of its commercial transactions with Israel until a permanent cease-fire is ensured in Gaza as well as the uninterrupted delivery of humanitarian aid to the region, according to what Turkish Trade Minister Omer Bolat had stated.

“His (Erdogan’s) announcement to stop imports to Israel constitutes a declaration of economic boycott and a serious violation of international trade agreements to which Turkey is committed,” Smotrich said in a statement.

He noted that Israel’s actions will only last as long as Erdogan remains in power.

“If at the end of Erdogan’s term the citizens of Turkey elect a leader who is sane and does not hate Israel, it would be possible to return the trade route with Turkey,” Smotrich said.

Under Smotrich’s plan, all reduced tariff rates applicable to goods imported from Turkey to Israel under a free trade agreement would be abolished. At the same time, a duty will be imposed on every product imported from Turkey to Israel at a rate of 100% of the value of the goods in addition to the existing duty.

The finance, economy and foreign ministries, the statement said, will also take steps to boost Israel’s manufacturing while diversifying import sources to reduce dependence on Turkey.

The Israel Manufacturers Association called Smotrich’s plan “an appropriate response” because it did not allow Erdogan to damage the economy without a response.