Free Trade Agreement With Israel

Escrito por: Redacción    21 septiembre 2021     2 minutos

The agreement provides for effective market access for industrial products with regard to customs duties and rules of origin and establishes EFTA and EU parity for EFTA exports to Israel. Upon entry into force, all industrial products originating in the EFTA States or Israel enjoy duty-free access (Article 4). On 1 January 1995, all products manufactured in Israel eligible for reduced duties under the Agreement were exempt from customs duties. [1] [4] As regards competition (Article 17), the Agreement lays down provisions on cooperation and exchange of information with a view to ensuring and facilitating the application of the competition law of the parties. The U.S.-Israel Free Trade Agreement is obsolete at present, as it only has detailed obligations for trade in goods, while recent free trade agreements contain detailed obligations on agriculture, services, investment, intellectual property protection, standards, transparency, and the rule of law. The free trade agreement between Israel and the United States was signed to set an example for the rest of the world to promote trade liberalization. The U.S. goals were to create bilateral economic relations with Israel beyond military support, reduce Israel`s dependence on U.S. aid, and strengthen the Israeli economy. The goal of Israel`s free trade agreement was to secure a large trade market outside the Arab boycott region due to political conflicts, to create trade with higher-income countries in order to deleverage, and to strengthen relations between the United States beyond economic means.

[5] Services trade with Israel (exports and imports) is estimated at $13.2 billion in 2017. Exports of services amounted to $5.9 billion; Imports of services amounted to $US 7.4 billion. The U.S. services trade deficit with Israel amounted to $US 1.5 billion in 2017. The U.S.-Israel Free Trade Agreement came into effect in 1985 and is the first U.S. free trade agreement. It continues to serve as a foundation for expanding trade and investment between the United States and Israel by removing barriers and promoting regulatory transparency. In 2017, U.S. exports to Israel fell 4.9 percent from 2016 to $12.5 billion. Since 1985, when the U.S.-Israel Free Trade Agreement came into effect, U.S. exports to Israel have increased by 456 percent, although the U.S. ran a bilateral deficit of $9.4 billion in 2017.

Israel FTA Text: The full text of the agreement. The Agreement applies to trade in fish and other seafood products (Articles 2 and Annex II). . . . .

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