The US-Israel Free Trade Agreement (IFTA) was signed in 1985 and has been in effect ever since. The IFTA eliminates trade barriers between the two countries and promotes economic growth, job creation, and innovation.
The text of the IFTA outlines the terms of the agreement and sets the rules for trade between the US and Israel. It covers a wide range of goods and services, including agriculture, telecommunications, intellectual property, and more.
One of the key provisions of the IFTA is the elimination of tariffs on goods traded between the US and Israel. This means that businesses can import and export products without having to pay additional fees, making it easier and more cost-effective to do business across the two countries.
The IFTA also sets standards for how products are manufactured and tested, ensuring that they meet both US and Israeli safety and quality requirements. This helps to protect consumers and promote fair competition, while also encouraging innovation and technological advancement.
In addition to goods, the IFTA also covers services such as banking, finance, and telecommunications. This allows businesses to provide services across borders, making it easier for them to expand their operations and reach new markets.
The text of the IFTA is constantly evolving, as new technologies and industries emerge and as trade between the US and Israel continues to grow. The two countries have also signed a number of side agreements to further support trade and investment, such as the US-Israel Science and Technology Cooperation Agreement and the US-Israel Binational Industrial Research and Development Foundation.
Overall, the US-Israel Free Trade Agreement is a crucial component of the economic relationship between the two countries. By reducing barriers to trade and promoting cooperation in key industries, it has helped to create jobs, support innovation, and strengthen the ties between the US and Israel.