WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Marsha Blackburn (R-TN), Catherine Cortez Masto (D-NV), and nine Senate Finance Committee members introduced a resolution calling for the strengthening of economic ties between the U.S. and Israel. The resolution comes amid Israel’s war against Hamas in response to the terrorist group’s gruesome assault on Israel on October 7th, which has stunted Israel’s economy.
“Strengthening the already existing economic ties with Israel not only shows America’s commitment to our ally, but benefits our hardworking families back home,” said Dr. Cassidy. “Our alliance with Israel is unbreakable, including in trade.”
“Ever since the U.S.-Israel Free Trade Agreement was instituted in 1985, the strong economic relationship between Israel and the U.S. has flourished,” said Senator Blackburn. “While Israel faces an unprecedented war against Hamas, we must have their back. It is essential that we further trade and investment between our two countries in order to help boost Israel’s economy during this turbulent time.”
“I’m proud to introduce this bipartisan resolution to support Israel and demonstrate our commitment to working together to strengthen our two economies,” said Senator Cortez Masto. “Let me be clear: the U.S. stands with Israel, and I will continue working across the aisle to combat terrorism and bolster our alliance with our strongest ally.”
The resolution is endorsed by the National Taxpayers Union, the Center for Individual Freedom, and the Trade Alliance to Promote Prosperity.
Cassidy, Blackburn, and Cortez Masto were joined by U.S. Senators Mike Crapo (R-ID), Thom Tillis (R-NC), John Barrasso (R-WY), James Lankford (R-OK), Tim Scott (R-SC), Todd Young (R-ID), Bob Menendez (D-NJ), Ben Cardin (D-MD), and John Cornyn (R-TX) in introducing the resolution.
Background
The U.S.-Israel Free Trade Agreement of 1985 has helped US-Israel trade grow more than sevenfold since that year and serves as an important tool for supporting the Israeli economy during this time. In 2022, American companies exported $14.2 billion in goods and $5.8 billion in services to Israel. These exports included machinery, mechanical appliances, stone, glass, metals, and chemicals. Likewise, Israeli companies exported $21.4 billion in goods and $9.2 billion in services to the U.S. last year.
Israeli companies’ stock foreign direct investment in the U.S. was $10.6 billion in 2022, supporting more than 20,000 American jobs.
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