Tel Aviv [Israel], April 2 (ANI/TPS): The Israeli government has announced the elimination of all customs duties on American-made goods, further strengthening its trade relations with the United States.
This move follows the directive of Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich, and Economy and Industry Minister Nir Barkat. The decision was approved by the Knesset Finance Committee and officially signed into law by the Minister of Economy and Industry.
Deepening US-Israel Trade Relations
The United States is Israel’s largest trading partner, and this latest step aims to further enhance economic ties between the two nations. In 2024, Israel’s:
- Goods exports to the US totaled $17.3 billion
- Services exports to the US were estimated at $16.7 billion
Israel’s 1985 free trade agreement with the US had already exempted approximately 99% of imported American goods from customs duties. However, this recent amendment will now extend zero tariffs to certain imported food and agricultural products that previously had duties.
Economic and Consumer Benefits
A joint statement from the Prime Minister’s Office, Finance Ministry, and Economy and Industry Ministry emphasized that the removal of tariffs will:
✅ Expand the US-Israel trade agreement
✅ Strengthen bilateral strategic relations
✅ Reduce the cost of living in Israel by making American food and agricultural products more affordable
By eliminating import taxes, the Israeli government aims to increase competition, lower consumer prices, and ensure greater access to US-made goods. (ANI/TPS)
About The Author
