Renewed trade agreement between Israel and Canada
Negotiations on a renewal of the trade agreement between Israel and Canada have concluded this week,…Negotiations on a renewal of the trade agreement between Israel and Canada have concluded this week, with the countries agreeing to expand the scope of their previous pact. Since the current agreement was signed in 1997, overall trade between the two countries rose by half a billion USD, and now stands at over 1.6 billion USD.
The new agreement is expected to further increase the trade volume in the coming years, with certain key sectors signalled to benefit significantly. A primary goal of the negotiations was new tariff reliefs for Israeli exporters of agricultural produce, including fruits and vegetables, cereal crops, and aquaculture products.
The Israeli products set to benefit most are apples, pears, grapes, potatoes, onions, and garlic. These will be subject to an increased tariff-free quota and tariff relief beyond the quotas. In return for those conditions, Israel will grant improved benefits for Canadian imports, namely processed food products.
The Israeli economy minister, Aryeh Deri, said that "upgrading the free trade agreement between Israel and Canada will open new opportunities for Israeli exporters in this already extensive market."