Canada-Israel Free Trade Agreement

Canada-Israel Free Trade Agreement

What is CIFTA?

CIFTA is an abbreviation for the Canadian-Israel Free Trade Agreement.

The mandate of CIFTA reads: The Secretariat shall:

a. provide assistance to the Commission;

b. provide administrative assistance to:

i. panels and committees established under Chapter Nineteen (Review and Dispute Settlement in Antidumping and Countervailing Duty Matters), in accordance with the procedures established pursuant to Article 1908; ii. panels established under this Chapter [Institutional Arrangements and Dispute Settlement Procedures], in accordance with procedures established pursuant to Article 2012; and

c. as the Commission may direct:

i. support the work of other committees and groups established under this Agreement; and ii. Otherwise facilitate the operation of this Agreement.

History

Effectiveness

Purpose

CIFTA was effective as it removed all tariffs on industrial, agricultural, and fishery products. This lead to great growth in merchandise trade between the two countries.

CIFTA's main goals include

1) Elimination of trade barriers and tariffs

2) Promoting fair competition

3) The increase of investments between the two countries

The free trade agreement was first established on January 1st, 1997. Then on November 1st, 2013, further tariff concussions were implemented. Finally on January 21st, 2014, the two Prime Ministers announced the launch of negotiations to expand and modernize CIFTA. Canada will seek to modernize existing chapters in the Agreement in the areas of market access for goods, rules of origin, institutional provisions and dispute settlement

Bilateral trade increased to $1.24 billion by 2005.

Canada-Israel trade has more than tripled in the 14 years since the signing of the Canada-Israel Free Trade Agreement (CIFTA), soaring from $507.3 million in 1996 to $1.8 billion in 2008

Although Israel is not one of Canada's major trading partners, the Canadian government seeks any opportunity to compete with US businesses, who were benefiting from the US-Israel Free Trade Agreement.

Personal Opinions

Bibliography

http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/israel/index.aspx?lang=eng

http://en.wikipedia.org/wiki/Canada%E2%80%93Israel_Free_Trade_Agreement

http://pm.gc.ca/eng/news/2014/01/21/canada-israel-free-trade-agreement-expansion

http://www.canadainternational.gc.ca/israel/bilateral_relations_bilaterales/index.aspx?lang=eng

http://www.cbsa-asfc.gc.ca/publications/dm-md/d11/d11-5-6-eng.html

http://www.tadamon.ca/post/9814