TAPP Applauds Passage of Senate Resolution Calling to Strengthen U.S.-Israel Economic Ties

The Trade Alliance to Promote Prosperity applauds the unanimous December 6 passage of the bipartisan Senate Resolution 445 sponsored by U.S. Senators Marsha Blackburn (R-Tennessee) and Catherine Cortez Masto (D-Nevada). The resolution calls for strengthening economic ties between the U.S. and Israel amid Israel’s war against Hamas in response to the terrorist group’s gruesome assault on Israel on October 7, which has stunted Israel’s economy.

According to a press release issued by Senator Blackburn:

·  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. Major exports included machinery, mechanical appliances, stone, glass, metals, and chemicals.

·  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. 

Senator Blackburn said, “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. While Israel faces an unprecedented war against Hamas, we must have their back. I thank my Senate colleagues for sending the unified message that we support trade and investment between our two countries in order to help boost Israel’s economy during this turbulent time.”

TAPP had written a letter to Senator Blackburn earlier to endorse the resolution. The resolution was endorsed by the National Taxpayers Union and the Center for Individual Freedom, as well.

Read the full resolution here.