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Lawmakers Urge Expansion of U.S.-Israel Trade Pact

(Reuters-Washington Post) Doug Palmer - The U.S. and Israel should start talks to upgrade and expand a 25-year-old free trade agreement that has become out of date, said Sen. Ben Cardin (D-Md.) and Rep. Gregory Meeks (D-NY) on Thursday, reacting to a new Democratic Leadership Council study that found only about 14% of U.S. imports from Israel are now covered by the pact. An updated agreement could help regional economic integration through expanded co-production projects in Egypt, Jordan and possibly Turkey, the report said. The proposal comes at a time of friction over Israeli settlement construction, but Ohad Cohen, commercial attache at the Israeli Embassy in Washington, said he did not believe that would be an obstacle to talks on expanding the free trade pact. "This is a win-win" because it would help companies in both countries, Cohen said. "Why should anyone oppose that?" When the 1985 deal was signed, Israel exported about $2.7 billion worth of goods and services to the U.S. Under the pact, Israel's exports to the U.S. have grown to around $25 billion.
2010-04-16 09:03:01
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