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Free Trade Agreement Between Israel And The United States

5. Temporary trade measures applied in accordance with paragraph 1 shall, in their duration and effects, be linked to the seriousness of the balance of payments problem to which the Contracting Party imposing the measures is compatible and progressively relaxed, in accordance with the improvement of the balance of payments situation of that Party. The free trade agreement eliminated all tariffs and virtually all other restrictions on trade in goods between the two countries. The Free Trade Agreement was signed on April 22, 1985 by the United States Trade Representative (USTR) and the Israeli Minister of Industry and Commerce and officially entered into effect in September of the same year, after being approved by the U.S. House of Representatives by 422 votes to 0 and one vote in the U.S. Senate. The final phase of the agreement was fully implemented on 1 January 1995, when the two countries completely abolished all customs duties and duties on finished products. 5. As regards the management of the requirements for automatic and non-automatic certificates, the Parties shall comply with the provisions of the Convention on import licence procedures.

For the purposes of this Agreement, the reporting obligations laid down in the Agreement on the Import Licence Procedure between the Parties to this Agreement shall apply only to the United States and Israel. Our two governments have just reached a historic agreement on the creation of a free trade area between Israel and the United States. Determined to strengthen and develop economic relations among them for the mutual benefit of each other; The Parties reaffirm their respective rights and obligations with respect to existing bilateral and multilateral agreements, including the Treaty on Friendship, Trade and Navigation between the United States and Israel and the GATT. In the event of any conflict between the provisions of this Agreement and those existing Agreements, priority shall be given to the provisions of this Agreement. The U.S.-Israel Free Trade Agreement was the first free trade agreement of its kind concluded by the United States. [2] It is the only free trade agreement signed by the United States that does not contain a chapter on intellectual property rights, which have become a fundamental pillar of all subsequent U.S. trade agreements. [3] One of the fundamental objectives of the Agreement is the elimination of trade barriers and other non-tariff barriers to trade, including the elimination of export subsidies. To promote these objectives, I am honoured to propose the following agreement by the Government of Israel regarding important programmes that contain or have included elements of export subsidies. 1.

A Joint Committee is hereby set up to monitor the proper application of this Agreement and to verify commercial relations between the Parties. . . .

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