U.S. and Israel Agree to Update FTA, to Issue Workplan Soon
Officials from the U.S. and Israel met on October 18, 2010 to commemorate the 25th anniversary of the signing of the U.S.-Israel Free Trade Agreement (IFTA).
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U.S. and Israel Officials to Develop Workplan on Reducing Barriers to Trade
During the meeting, the countries agreed to reinvigorate their trading relationship and to ensure that the benefits of the economic relationship are further shared and sustainable.
Officials from the countries have been asked to develop, by the beginning of 2011, a workplan that would address remaining barriers to U.S.-Israel bilateral trade, including trade in agriculture and services, and regulatory differences to ensure the free movement of goods, services and capital through modern and efficient borders.
This workplan should draw upon efforts already underway, as well as incorporate new elements developed in consultation with all relevant stakeholders. As initial steps under the workplan, the U.S. and Israel agreed to:
- pursue negotiations towards implementation of a Mutual Recognition Agreement (MRA) for conformity assessment of telecommunications equipment. Technical experts will meet in the near future to discuss next steps towards implementation of a MRA.
- work together to explore ways that the two countries can facilitate trade under the current IFTA by looking at existing customs procedures and regulations.
(From 1985 to 2009, trade between the U.S. and Israel has increased 500%, from $4.7 billion to $28.3 billion. Each day the two countries conduct nearly $78 million in bilateral trade.)