The European Parliament accepted the so called ACAA agreement between the European Union and Israel on October 23, 2012. This agreement which had been prepared some time ago has been now finalized.
Acccording to a press release: "The ACAA agreement (Agreements on Conformity Assessment and Acceptance of industrial products) with Israel is a framework agreement that recognizes Israel industrial standards as equivalents to European standards. An appendix regarding pharmaceutical products was added to the vote. The meaning of this is that the European Union will recognize the Israeli pharmaceutical standard, and Israeli pharmaceutical products can now be marketed without delay or further inspection (in parallel to similar marketing of European drugs in Israel). Additional appendixes covering other industrial spheres will be added to the framework agreement in the near future."
Source: Press Release EurActiv