U.S. and Israel Work to Expand Free Trade Agreement

David Streeter — October 20, 2010 – 9:53 am | Barack Obama | Economy | Foreign Policy | Israel Comments (0) Add a comment

This week, leaders from the United States and Israel held a summit that focused on expanding the existing free trade agreement between the two countries. Following the summit, United States Trade Representative Ron Kirk and Israel’s Minister of Industry, Trade and Labor Binyamin Ben-Eliezer released a joint statement that said:

Twenty-five years ago our countries launched the United States - Israel Free Trade Agreement. Since its entry into force, the flow of trade has increased, investment has grown, and our economies have become more competitive. The benefits of expanding trade have flowed to U.S. and Israeli businesses, farmers, workers, and consumers.

Today we met to celebrate our achievements and to lay a course for the future. Trade between our countries has blossomed. From 1985 to 2009, trade between the United States and Israel has increased 500 percent, from $4.7 billion to $28.3 billion. Each day we conduct nearly $78 million in bilateral trade. We are committed to developing new and creative ways to promote trade.

Toward that end, we agreed to reinvigorate our trading relationship and to ensure that the benefits of our economic relationship are further shared and sustainable. We asked officials to develop, by the beginning of 2011, a workplan that would address remaining barriers to our bilateral trade that will help us to fully realize the potential gains to both countries from our FTA including, a renewed effort to explore opportunities available under liberalized trade in agriculture and services. We also continue to explore cooperation in other areas, including addressing regulatory differences to ensure the free movement of goods, services and capital through modern and efficient borders. This forward-looking workplan should draw upon the work already underway, as well as incorporate new elements developed in consultation with all relevant stakeholders.

During the summit, Commerce Secretary Gary Locke delivered remarks that reflected upon the 25 year history of U.S.-Israel free trade and noted how the agreement has positively impacted the “deeply intertwined relationship” between the U.S. and Israel. Locke’s remarks can be read here.

 

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