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Canadian Prime Minister Stephen Harper and Israeli Prime Minister Benjamin Netanyahu shake hands during a press conference at the Prime Ministry in Jerusalem, 21 January 2014. Photo EPA

Canada and Israel unveil new free-trade agreement

Exports between the two countries have more than tripled to $1.6 billion in less than two decades.

Canada and Israel have announced a new free-trade agreement expected to ease the import of fish and baked goods to Israel and the export of farm products and wine.

The deal replaces a 1997 treaty between Ottawa and Jerusalem. Since the signing of the first agreement, Israeli-Canadian trade has surged to about $1.6 billion last year from $500 million.

The new agreement, which still needs to be approved by the two parliaments, is expected to boost trade even further.

"Israel is a priority market for Canada and holds great potential for Canadian companies in a variety of sectors,” Canadian Prime Minister Stephen Harper said Tuesday of the treaty, formally known as the Canadian-Israel Free Trade Agreement, or CIFTA.

Source: Haaretz

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