Us Free Trade Agreement With Israel

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Us Free Trade Agreement With Israel

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Recognising that Israel`s economy is still developing and that it wishes to contribute to the harmonious development and expansion of world trade; The ESTV contains a non-binding Memorandum of Understanding to remove barriers to trade in services such as tourism, communications, banking, insurance, business advice, accounting, law, IT services and advertising. It also contains an agreement to remove all restrictions on public procurement and calls on Israel to relax its compensation requirements for government authorities other than the Israeli Ministry of Defence. NOTE: Effective January 1, 1995, all tariffs on the vast majority of Israeli exports to the United States were eliminated. With regard to certain agricultural products, Israel retains, in accordance with existing WTO obligations, its full customs status for these products. In addition, for certain products defined in the U.S.-Israel agriculture trade agreement, signed on November 4, 1996, Israel benefits from duty-free quotas beyond WTO obligations. SEE FULL TEXT OF U.S.-ISRAEL AGRICULTURAL AGREEMENT INCLUDED SEPARATELY. With regard to the financing of local currencies under the export production fund, Israel will freeze the export subsidy element for four years from the date of accession to the subsidy code and eliminate the export subsidy element for six years from the date of accession to the subsidy code. Israel is currently our 24th largest trading partner for goods, with a total of $34.5 billion (two and also) goods in 2017. Exports of goods amounted to $12.6 billion; Imports of goods amounted to $21.9 billion.

In 2017, the U.S. trade deficit with Israel was $9.4 billion. In 1996, before the Atlanta Olympics, Coca Cola imported T-shirts bearing the Olympic logo into Israel. These t-shirts were pressed and rolled at normal doses of Coca Cola, with the aim of distributing boxes of soft drinks with these t-shirts purchased from anyone on a number of boxes. The product was not sold separately as the intention was to encourage customers to purchase more cans during the Olympic games.