This is the third (1971 and 1985) and most extensive trade agreement signed between Israel and the EC/EU, emphasizing that more than half of all Israeli exports are to Europe. Virtually every conceivable area of sharing and exchange is noted in the agreement. In his remarks, Levy states, “This agreement is a natural result of the relationship, reflecting the reciprocal ties between Israel and the EU… This is a relationship based upon geographical proximity and economic ties, and was founded upon those same liberal and democratic values, the Association Agreement, if exploited to the full, carries with it great potential for our future ties.” Today, Europe is Israel’s largest trading partner. (source)
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