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Trade Agreement Israel: Everything You Need to Know
Israel is known for its cutting-edge technology, vibrant culture, and beautiful landscapes. In the past few years, the country has emerged as a significant player in the global economy, attracting a multitude of investors and entrepreneurs from all over the world. One of the reasons for its success is its strategic location and the numerous free trade agreements it has signed with other countries. Among them is the Israel Free Trade Agreement, which is one of the most important trade agreements Israel has signed.
What is the Israel Free Trade Agreement?
The Israel Free Trade Agreement (IFTA) is a bilateral agreement between Israel and the United States that eliminates tariffs and other trade barriers on goods and services between the two countries. It was signed in 1985 and became effective in 1986. The agreement covers a wide range of products, including agricultural goods, industrial products, and consumer goods.
Benefits of the Israel Free Trade Agreement
The Israel Free Trade Agreement has been a significant boon to the economies of both Israel and the United States. Here are some of the key benefits of the agreement:
1. Increased Trade: The IFTA has facilitated an increase in trade between the two countries. Since its implementation, trade between Israel and the US has grown from $4 billion in 1985 to over $40 billion in 2019.
2. Job Creation: The IFTA has created numerous job opportunities in both countries. According to the US Chamber of Commerce, the agreement has created over 100,000 jobs in the US alone.
3. Lower Prices: The elimination of tariffs and other trade barriers has led to lower prices for a wide range of products, benefiting consumers in both countries.
4. Innovation: The Israel Free Trade Agreement has spurred innovation in both countries. Israel is known for its cutting-edge technology, and the agreement has provided US companies with access to innovative Israeli products and services.
Future of the Israel Free Trade Agreement
The Israel Free Trade Agreement has been a resounding success, and there are no signs of it slowing down anytime soon. The agreement has been renewed several times, with the latest extension being signed in 2019. The renewal will ensure that the IFTA remains in effect until 2025.
Conclusion
The Israel Free Trade Agreement has been a significant driver of economic growth and job creation in both Israel and the United States. The agreement has facilitated an increase in trade, lowered prices, and spurred innovation. As the agreement continues to be renewed, it is clear that it will remain an essential component of the economic relationship between the US and Israel for years to come.