Canada-Israel Free Trade Agreement
Encyclopedia
The Canada–Israel Free Trade Agreement (CIFTA) is a free trade agreement between Canada
and Israel
. It was signed on July 31, 1996, and came into effect on January 1, 1997. It was Canada's first free trade agreement outside of the Western Hemisphere. 80% Tariffs on most manufactured and agricultural goods were eliminated. However, CIFTA does not affect certain agriculture sectors like poultry
, dairy
and eggs
.
CIFTA was amended twice, in 2002 and 2003. The first amendment allows certain products like textiles to undergo some levels of processing in the United States
without losing their status while in transit. The second amendment further reduced agricultural tariffs.
CIFTA's main goals include:
While Israel is not one of Canada's major trading partners, the Canadian government sought to put Canadian businesses on the same footing as US businesses, who were benefiting from the US-Israel Free Trade Agreement
. Bilateral trade increased to $1.24 billion by 2005.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. It was signed on July 31, 1996, and came into effect on January 1, 1997. It was Canada's first free trade agreement outside of the Western Hemisphere. 80% Tariffs on most manufactured and agricultural goods were eliminated. However, CIFTA does not affect certain agriculture sectors like poultry
Poultry
Poultry are domesticated birds kept by humans for the purpose of producing eggs, meat, and/or feathers. These most typically are members of the superorder Galloanserae , especially the order Galliformes and the family Anatidae , commonly known as "waterfowl"...
, dairy
Dairy
A dairy is a business enterprise established for the harvesting of animal milk—mostly from cows or goats, but also from buffalo, sheep, horses or camels —for human consumption. A dairy is typically located on a dedicated dairy farm or section of a multi-purpose farm that is concerned...
and eggs
Egg (food)
Eggs are laid by females of many different species, including birds, reptiles, amphibians, and fish, and have probably been eaten by mankind for millennia. Bird and reptile eggs consist of a protective eggshell, albumen , and vitellus , contained within various thin membranes...
.
CIFTA was amended twice, in 2002 and 2003. The first amendment allows certain products like textiles to undergo some levels of processing in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
without losing their status while in transit. The second amendment further reduced agricultural tariffs.
CIFTA's main goals include:
- The elimination of trade barriers and tariffs
- Promotion of fair competition
- The increase of investments between the two nations
While Israel is not one of Canada's major trading partners, the Canadian government sought to put Canadian businesses on the same footing as US businesses, who were benefiting from the US-Israel Free Trade Agreement
US-Israel Free Trade Agreement
The United States-Israel Free Trade Agreement is a trade pact between the State of Israel and the United States of America established in 1985 that lowers some barriers to trade in some goods.- History of Trade Agreement :...
. Bilateral trade increased to $1.24 billion by 2005.