Us Israel Free Trade Agreement

The Joint Committee between the United States and Israel (JC) is the central oversight body for the free trade agreement. At its last meeting in February 2016, the JC discussed possible new cooperation efforts to increase bilateral trade and bilateral investment. During the meeting, the United States and Israel noted progress in examining a number of regulatory and customs barriers specific to bilateral trade and agreed to continue to support existing dialogues on these issues. On 1 January 1995, all products manufactured in Israel that were eligible for reduced tariffs under the agreement were exempt from tariffs. [1] [4] e. The proceeding is trying to resolve the dispute in agreement with the parties. Within three months of the appointment of the first member, if the body fails to pass such a resolution, it submits to the parties a report containing factual findings, if one of the parties has failed to meet its obligations under the agreement, or if a measure taken by either party significantly distorts the commercial benefits of this agreement or significantly compromises the fundamental objectives of that agreement. or seriously undermines the fundamental objectives of this agreement. , and a proposal to settle the dispute. The panel`s report is not binding.

The free trade agreement gives U.S. companies exporting to Israel an advantage over their competitors, since all tariffs on U.S. exports to Israel are down. In addition, Israel can serve as a bridge for international trade between America and Europe, as one of only three countries (Jordan and Mexico) with free trade agreements with the United States and the European Community. The governments of Israel and the United States of America (contracting parties) establish a free trade area between them in accordance with Article XXIV, paragraph 8, paragraph b), the General Agreement on Tariffs and Trade (GATT) and, in accordance with the provisions of this agreement, will eliminate tariffs and other restrictive rules governing trade between the two countries of products originating from those countries. B. Before a party commits to unilaterally or by mutual agreement measures to reduce trade barriers for third countries, including those with which that party intends to adopt a customs union, a free trade area, a border trade regime or those to which that party intends to unilaterally grant trade concessions, it notifies in advance , if possible, the other party in writing to the other party. The free trade agreement between the United States and Israel is a 1985 trade pact between the State of Israel and the United States of America to reduce barriers to trade in certain goods. The agreement reduces tariffs and, in some cases, removes all tariffs on goods exported from Israel to the United States. [1] The agreement also applies to goods exported from the Gaza Strip and the West Bank.

[Clarification needed] 5. The temporary trade measures applied under paragraph 1 are compatible, in terms of duration and effect, with the seriousness of the balance-of-payments problem to which the contracting party imposes action and are gradually relaxed as the balance of payments situation of that party improves.