Daijiworld Media Network – Jerusalem
Jerusalem, Apr 2: In a significant move aimed at strengthening bilateral trade ties, Israel has announced the cancellation of all import duties on American-made goods, effective immediately. The decision is expected to boost economic cooperation between the two nations while providing Israeli consumers with greater access to US products at more competitive prices.
According to Israel’s Ministry of Economy and Industry, the removal of tariffs applies across various sectors, including electronics, pharmaceuticals, agricultural products, and industrial machinery. Officials stated that the measure would enhance trade volume and encourage more US-based companies to explore business opportunities in the Israeli market.
“This landmark decision is part of Israel’s ongoing efforts to enhance its trade relations with the United States, which remains one of our most important and trusted partners,” a ministry spokesperson.
Trade experts have lauded the initiative, noting that the elimination of import duties will likely lower costs for consumers and foster innovation through increased competition. Analysts also believe it could pave the way for broader trade agreements between the two allies.
The move has been welcomed by the American business community, with industry leaders expressing optimism about enhanced market access and reduced bureaucratic hurdles.
Meanwhile, Israeli businesses are expected to benefit from improved availability of high-quality American products and technologies, particularly in the fields of healthcare, manufacturing, and agriculture.
The development comes at a time when Israel is actively pursuing free trade agreements with several other countries, aiming to diversify its trading partnerships and boost economic resilience.
The US government has also hailed the decision, describing it as a positive step towards deepening economic ties between the two nations.
With this latest initiative, both countries are expected to explore further opportunities for cooperation and mutual growth in the coming years.