Us Il Free Trade Agreement

The United States-Il Free Trade Agreement: What You Need to Know

The United States-Il Free Trade Agreement, also known as the US-IL FTA, is a trade agreement between the United States and Israel that was signed in 1985. The agreement is aimed at promoting trade and economic cooperation between the two countries by eliminating trade barriers and reducing tariffs on certain goods and services.

The US-IL FTA covers a wide range of trade issues, including agriculture, intellectual property, services, and investment. The agreement has been instrumental in promoting trade between the two countries, with the total value of US-Israeli trade increasing from $8 billion in 1985 to over $50 billion in 2019.

One of the key benefits of the US-IL FTA is the reduction of tariffs on goods and services traded between the two countries. Under the agreement, the majority of tariffs on agricultural products, consumer goods, and industrial products have been eliminated. This has made it easier for businesses in both countries to access each other’s markets and has resulted in increased trade and investment.

The US-IL FTA also includes provisions for protecting intellectual property, such as patents, trademarks, and copyrights. These protections help to promote innovation and encourage businesses to invest in research and development.

Additionally, the agreement includes measures to improve cooperation on labor and environmental issues. This includes provisions for protecting workers’ rights and ensuring that environmental standards are met in the production of goods and services.

Overall, the US-IL FTA has been a success for both countries, promoting increased trade and investment and fostering greater economic cooperation. As the two countries continue to work together, it is likely that the benefits of the agreement will continue to grow.