Modernized CIFTA offers expanded market access
On September 1, 2019, the modernized Canada–Israel Free Trade Agreement (CIFTA) entered into force. Since CIFTA came into force over two decades ago, two‑way merchandise trade between Canada and Israel has more than tripled, totaling $1.9 billion in 2018.
Israel, with a GDP of $479.2 billion, ranks 20th globally on the World Economic Forum’s Global Competitiveness Index (2018). Israel’s economy has significant potential and offers diverse commercial opportunities for Canadian businesses, given its strategic location in the Middle East, solid industrial and scientific base, abundant natural resources, in particular in the agricultural and agri‑tech sectors, and a well‑educated population.
The modernized CIFTA will enable Canadian companies to take greater advantage of these opportunities with expanded market access and by creating conditions that are more predictable. With its four updated and nine new chapters, the modernized CIFTA will help to ensure economic gains are not only greater, but are sustainable and inclusive. It provides new and improved market access for virtually 100% — up from 90% — of current Canadian exports of agricultural, agri‑food, fish and seafood products to Israel. The modernized CIFTA also includes new chapters to help address non‑tariff barriers, facilitate trade and help reduce red tape at the border.
Do you want more insight and access to doing business in Israel? Visit CIFTA website or contact the Trade Commissioner Service.
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