The Parties reaffirm their respective rights and obligations with respect to existing bilateral and multilateral agreements, including the Treaty on Friendship, Trade and Navigation between the United States and Israel and the GATT. In the event of any conflict between the provisions of this Agreement and those existing Agreements, priority shall be given to the provisions of this Agreement. 1. a. A Party may apply temporary trade measures when it is threatened or suffers from a serious balance of payments situation. A Contracting Party may impose temporary trade measures only to give time for the entry into force of macroeconomic adjustment measures to correct its balance of payments problems. Temporary trade measures authorized by this paragraph may not be used to protect particular sectors or sectors. 2. The temporary trade measures which may be applied in accordance with paragraph 1 shall be as follows: 7. When applying temporary trade measures, the Contracting Parties shall accord to imports originating in the other Party treatment which is no less favourable than imports originating in third countries and does not affect the relative advantages granted to the other Party under this Agreement. One of the fundamental objectives of the agreement is to eliminate trade and other non-tariff barriers, including the elimination of export subsidies. To promote these objectives, I am honoured to propose the following agreement by the Government of Israel regarding important programmes that contain or have included elements of export subsidies.
2. With regard to the matters referred to in paragraph 1, the Parties shall consult any difficulties which may arise in their trade in agricultural products and shall endeavour to find solutions for the exchange of agricultural products, provided that they do not endanger animal and plant health. 4. A temporary trade measure applied in accordance with paragraph 1 may remain in force for a maximum period of 150 days, unless it is extended by the competent legislative body of the Contracting Party concerned for a subsequent period of 150 days. Quantitative restrictions may only be extended for an additional period of 150 days. Trade in services with Israel (exports and imports) was estimated at $13.2 billion in 2017. Exports of services amounted to $5.9 billion; Imports of services amounted to $US 7.4 billion. The U.S. services trade deficit with Israel amounted to $US 1.5 billion in 2017. 1. Where a good is imported in such large quantities as to constitute a substantial cause of material injury or a risk of serious injury to domestic producers of like or directly competitive products, the importing Party shall consult the other Contracting Party in accordance with Article 18 before taking measures affecting the trade of the other Party. The United States-Israel Joint Committee (JC) is the central monitoring body for the free trade agreement.
At its last meeting in February 2016, the JC discussed possible new joint efforts to increase bilateral trade and investment. During the meeting, the United States and Israel noted progress in removing a number of specific barriers to bilateral trade in standards and customs measures and agreed to continue to support existing dialogues that address these issues. . . .