Israel, Canada ink new free trade agreement

May 30, 2018 12:57
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Breaking news. (photo credit: JPOST STAFF)

Israeli Finance Minister Eli Cohen and Canadian Minister of International Trade François-Philippe Champagne on Wednesday signed a few free trade agreement between their two countries.

Announcing the new agreement, the Israeli Ministry of Finance said that the scope of Israeli-Canadian trade has doubled in value since 1997, when the existing free trade agreement was signed. In 2013, trade between the two countries crossed the threshold of 1 billion USD.Israel has free access to the Canadian market when selling baked goods, fresh and processed fruits, vegetables and wines. In exchange, Canada gets free access to the Israeli market for baked goods, berries and spices.

Israeli hummus, among other items to be sold in Canada, will enjoy tax-free status when less than 400 tons are sold.

This is the third free trade agreement signed this year by the Israeli government, with the previous two agreements being with Panama and Ukraine. 

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