Statement on the Israel-United States Free Trade Area
Agreement
(April 22, 1985)
I and friends of Israel everywhere take great
pleasure in congratulating Ambassador Brock and Minister of Industry
and Trade Sharon on the U.S.-Israeli Free Trade Area Agreement. The
signing of this historic agreement caps nearly 1 1/2 years of intensive
and highly productive discussions. These talks have deepened our understanding
of each other's economies and trading systems. And this agreement adds
a new dimension to the special relationship between our countries.
The Free Trade Area Agreement is the first such agreement
entered into by the United States. It fully meets the international
rules regarding free trade areas contained in the GATT. When fully implemented
in January 1995, the agreement will eliminate restrictions on all trade
between the United States and Israel—trade which in 1984 amounted
to $3.6 billion. The agreement also contains unprecedented recognition
of the increasing importance of trade in services and investment, which
will serve to further liberalize our bilateral economic relations.
This agreement opens up new prospects for the United
States and Israel. Both our countries will derive substantial benefits
through the unrestricted access it provides to each other's markets.
More broadly, however, the agreement is an important milestone in our
efforts to liberalize trade. We hope that it also will serve to encourage
greater liberalization of the multilateral trading system and that it
will help us move ahead in our continued attempts to expand world trade.
I want to thank the chief negotiators, Danny Halperin from Israel and
Doral Cooper from the United States, and their respective teams for
a job well done.
The United States has a basic commitment to Israel's
economic well-being, and we have pledged to continue to help Israel
fulfill its great potential. In my discussions with Prime Minister Peres
last fall, we explored ways to address Israel's pressing economic problems.
We agreed that the Free Trade Area will be instrumental in helping Israel
put its economy back on a foundation of vigorous, self-sustaining growth.
I am confident that as this agreement is implemented, the U.S.-Israel
Free Trade Area will prove to be one of the cornerstones of Israel's
future economic development program.
The Free Trade Area Agreement symbolizes once again
our two countries' deep community of interest and our shared values
and aspirations for a better future. It underscores the importance of
Israel to the United States as an ally, as a trading partner, and as
a friend, and it underscores the U.S commitment to Israel's security
and prosperity.
Sources: Public Papers of the President |