Modernized Canada-Israel Free Trade Agreement
Canada’s relationship with Israel is based on strong economic, cultural and social ties. Israel is a long-time trading partner, and Canada’s free trade agreement with Israel has contributed to better opportunities for businesses and economic prosperity for hard-working Canadians.
Today, the Honourable François-Phillippe Champagne, Minister of International Trade, and Eli Cohen, Israel’s Minister of the Economy and Industry, announced the signing of the modernized Canada-Israel Free Trade Agreement (CIFTA). Minister Champagne underlined the importance of the agreement as an engine of growth and prosperity for both countries.
Canada and Israel have modernized the original CIFTA to include progressive elements, such as dedicated chapters on labour, the environment, trade and gender, and small and medium-sized enterprises (SMEs), as well as provisions on corporate social responsibility. New provisions will also help to make the dispute-settlement mechanism more efficient, effective and transparent.
The modernized CIFTA also includes further tariff reductions and eliminations for agricultural and agri-food products, which will provide improved access for Canadian exporters to the Israeli market. Better access for service suppliers in sectors where Canadians excel will help create more opportunities for established and first-time exporters and generating new jobs at home.
This is a 28 May 2018 news release from Global Affairs Canada.