Israel Proposes Revamp of U.S. Trade Agreement

Israel is planning to update its longstanding free trade agreement with the United States. Economy Minister Nir Barkat aims for a revised pact to ease data-sharing restrictions, enhancing bilateral collaboration. This move comes amidst sweeping U.S. tariffs, as Israel seeks to strengthen its economic ties with its top trading partner.

In a significant economic move, Israel has proposed a substantial overhaul of its four-decade-old free trade agreement with the United States, the country's economy minister announced on Monday. The initiative aims to preemptively counter impending tariffs from its nearest ally.

Economy Minister Nir Barkat indicated that an enhanced trade deal would facilitate data sharing, leading to broader bilateral collaboration. Already agreeing to several requests including lifting tariffs on U.S. agricultural goods, Israel demonstrates its commitment to reinforcing its trade relationship.

Amidst President Donald Trump's recent announcement of sweeping tariffs on various nations, including a temporary 10% baseline on imports, Israel is poised to eliminate remaining import duties on U.S. goods. This move further solidifies economic ties, with Israel's trade with the U.S. valued at approximately $37 billion.

(With inputs from agencies.)