Israeli Economy Minister Nir Barakat said that Israel proposed amending the free trade agreement it concluded 4 decades ago with the United States as it seeks to avoid imposing customs duties from its closest allies.
Reuters quoted the Israeli minister as saying yesterday during a conference in occupied Jerusalem, that the modified trade agreement would reduce the restrictions imposed on data exchange, which will allow great cooperation.
He stated that Israel has already agreed to several requests, including raising customs duties on American agricultural goods.
Most American commodities are already exempt from Israeli customs duties under a trade agreement concluded in 1985, and the United States is the largest commercial partner for Israel, and American trade data indicates that the volume of trade exchange between them amounted to about 37 billion dollars in 2024.
surplus
Last year, Israel achieved a $ 7.4 billion trade surplus with the United States.
The administration of US President Donald Trump announced this month imposing comprehensive customs duties on dozens of countries, including a 17% fee on Israeli imports, before issuing a decision to suspend the application of these fees for a period of 90 days while maintaining basic fees of 10% on imports to allow trade negotiations.
Before announcing the comprehensive customs duties, Israel said it would raise all the remaining customs duties on American goods.
