Canada and Israel have a long-standing and close relationship when it comes to trade and economic cooperation. In 1995, the two countries signed a free trade agreement that would reduce and remove tariffs on goods and services between them. This agreement has been updated over the years, with the latest version being the Canada-Israel Free Trade Agreement Implementation Act (CIFTA).

The CIFTA is a federal law that was passed in 1996 to give effect to the free trade agreement between Canada and Israel. The act covers a wide range of goods and services, including agriculture, energy, and technology. It aims to promote economic growth, create jobs, and increase trade between the two countries.

Under the CIFTA, Canadian and Israeli companies enjoy preferential treatment when it comes to tariffs and regulations. This means that Canadian companies can export their goods and services to Israel without facing high tariffs or other trade barriers. Likewise, Israeli companies can export their goods and services to Canada without facing high tariffs or other trade barriers. This promotes a more competitive and efficient marketplace that benefits businesses and consumers alike.

The CIFTA has had a positive impact on both countries` economies since its implementation. Canada`s exports to Israel have increased by 15%, with agricultural and food products being the main exports. Israel`s exports to Canada have also increased, with technology and pharmaceuticals being the main exports.

In addition to promoting trade, the CIFTA also includes provisions on labor, environment, and intellectual property rights. These provisions ensure that both countries` workers are treated fairly, that the environment is protected, and that intellectual property rights are respected. This promotes a more sustainable and responsible approach to trade that benefits everyone involved.

Overall, the Canada-Israel Free Trade Agreement Implementation Act is a crucial agreement that promotes economic growth, job creation, and sustainable trade between two close allies. Its provisions ensure that both countries` businesses can thrive in a fair and competitive marketplace, while also promoting responsible trade practices. As Canada and Israel continue to strengthen their economic ties, the CIFTA will remain an essential tool for promoting trade and economic cooperation between them.