Tuesday | November 7, 2023
WASHINGTON – U.S. Senator Tim Scott (R-S.C.), member of the Senate Foreign Relations Committee, joined Senators Marsha Blackburn (R-Tenn.), Catherine Cortez Masto (D-Nev.) and nine of their colleagues in introducing a resolution reaffirming economic ties between the U.S. and Israel. The resolution comes amidst Israel’s war against Hamas, which has weakened Israel’s economy, following the terrorist group’s gruesome assault on southern Israel on October 7th.
“Hamas’ terrorist attacks on innocent civilians, including so many women and children, made October 7th the deadliest day for the Jewish people since the Holocaust,” said Senator Scott. “The United States must stand shoulder-to-shoulder with Israel as it seeks to eradicate this terrorist threat and fight for its right to exist. That’s why I’m reaffirming the economic relationship between our two nations to make clear the United States stands with the people of Israel during this dark hour.”
“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.”
Senators Scott, Blackburn, and Cortez-Masto were joined by Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), John Barrasso (R-Wyo.), James Lankford (R-Okla.), Todd Young (R-Ind.), Bill Cassidy (R-La.), Bob Menendez (D-N.J.), Ben Cardin (D-Md.), and John Cornyn (R-Texas).
Read the resolution in full here.
BACKGROUND
- The U.S.-Israel Free Trade Agreement of 1985 has helped U.S.-Israel trade grow more than sevenfold 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.
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