An agreement between the United States and Israel for the establishment of a free trade zone will be concluded in September, according to Gideon Patt, Minister of Industry and Trade.
Patt dismissed all reports on complications ahead regarding the agreement and told ministers at yesterday’s weekly Cabinet meeting that nearly all the hurdles have been overcome, except for “certain technicalities.”
Therefore, he suggested, by next month the agreement will be ready for U.S. Congressional approval and eventually for implementation next year. An American negotiating team is expected in Israel tomorrow, for the ninth round of talks on the proposed free trade zone.
Among the issues still to be discussed are Israel’s phasing out subsidies to exporters, preparation of a timetable for tariff elimination, and the question of “infant industries” — new enterprises which may require extra protection from full and swift exposure to competition arising from the implementation of the free trade zone agreement.
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