Canada, Isreal sign mutual recognition arrangement on trade
OTTAWA, July 31 (Xinhua) — Canada and Isreal have signed a mutual recognition arrangement on trader programs, according to the Canada Border Services Agency Monday.
The agreement named Mutual Recognition Agreement on Respective Trusted Trader Programs was signed by the Canada Border Services Agency and the Israel Tax Authority Monday.
The arrangement is Canada’s first one with a country in the Middle East region. Canada has signed mutual recognition agreements with Australia, Japan, Mexico, Singapore, South Korea and the United States.
The trusted trader programs are designed to enhance the security and integrity of global supply chain through the establishment of customs to business partnerships and by providing streamlined border processes to pre-approved, low-risk traders. Expanding the international network of accredited low-risk companies allows customs administrations to focus on targeting shipments of higher or unknown risk.
Since the Canada-Israel Free Trade Agreement entered into force in 1997, the bilateral trade volume has increased from 507 million Canadian dollars (one Canadian dollar is about 0.80 U.S.dollars) in 1996 to 1.7 billion Canadian dollars in 2016.