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Saturday, December 22, 2012

Israel, Canada strengthen trade ties

Signing of dual agreements on customs cooperation, upgrading of Double Tax Avoidance Treaty to increase bilateral trade.

Israel’s strong trade ties with Canada received a boost with the signing of two separate agreements in Ottawa on Tuesday night.
The two countries signed an agreement on customs cooperation, committing to share information on trade and assist each other in the fight against smuggling.
They also upgraded the existing Double Tax Avoidance Treaty.
The agreements were signed by Miriam Ziv, Israel’s ambassador to Canada, and Vic Toews, Canadian Minister of Public Safety. A number of Israeli representatives attended the signing, including Tax Authority Director Doron Arbeli and Deputy Finance Minister Yitzhak Cohen.
Arbeli said the agreement, together with the 1996 Free Trade Agreement, would create a comfortable “platform” for Israeli firms to do business in Canada, and vice-versa. He pointed out that Israel has 33 such customs agreements, including one with the European Union.
Bilateral trade between Israel and Canada rose 5 percent in 2011 to $1.25 billion. Israeli exports to Canada stood at $803 million, around 64% of trade between the two countries.