Ottawa: As part of Canada’s ambitious approach to global trade, we are diversifying and tapping into new markets so that more Canadians can compete and succeed worldwide and create better middle-class jobs at home.
Jim Carr, Minister of International Trade Diversification, welcomed royal assent of Bill C-85: An Act to amend the Canada-Israel Free Trade Agreement Implementation Act and to make related amendments to other Acts.
Once in force, the modernized Canada-Israel Free Trade Agreement (CIFTA) will reduce tariffs, ease border restrictions on goods, increase transparency around regulations, reduce red tape, and help small and medium-sized enterprises (SMEs) generate more business in both countries.
With increased market access, more predictable trading conditions and new inclusive elements, the modernized CIFTA will help to ensure economic gains are not only greater, but are sustainable and inclusive.
With both Canada and Israel having now completed their domestic ratification processes, the two countries will proceed to establish a date for the entry into force of the modernized agreement.–PR