The Department of Foreign Affairs and Trade (DFAT) is currently undertaking a feasibility study on how best to strengthen trade and investment with Israel, including possibly through a Free Trade Agreement.
Freight & Trade Alliance (FTA) and Customs and Global Trade (CGT) Law were invited to make a submission to the study and last Friday 30 April 2021 lodged a joint submission.
Australia's bilateral economic relationship with Israel has continued to grow in recent years. Two-way goods and services trade increased to approximately $1.3 billion in 2019-20. Australian exports to Israel were worth $345 million and imports from Israel to Australia were worth $1.02 billion. In 2019, Australian investment in Israel totalled $1.2 billion and Israeli investment in Australia was $342 million, mostly centred in the innovation sector.
We believe that a Free Trade Agreement with Israel is an important element in strengthening Australia's trade and investment relationship with Israel. A copy of the FTA / CGT Submission is available HERE. |
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