Signed the Agreement with World Trade Organisation

On July 26, 2021, one of the world’s largest economies, Israel, officially became the 38th member of the World Trade Organization (WTO)! The WTO is an intergovernmental organization that regulates international trade between nations. Its goal is to promote free and fair trade by creating a level playing field for businesses around the world.

Israel’s accession to the WTO has been in the works for over 20 years, but it wasn’t until December 2019 that the country’s leaders signed the agreement. This was a historic moment for Israel, as it marked a major step towards becoming a fully recognized member of the global community.

The agreement has important implications for Israel’s economy, as it will open up new opportunities for trade with the rest of the world. Israel is already a major exporter of goods and services, particularly in the high-tech sector. However, joining the WTO means that Israel will have to adhere to international trade rules, which will help to ensure that its trade practices are fair and transparent.

In addition to benefiting Israel’s economy, joining the WTO is also good news for the global trade system. The WTO is the only international organization that deals with the rules of trade between nations, and having Israel as a member will help to strengthen its ability to promote free and fair trade. Moreover, Israel’s accession sends a positive message to other countries that are considering joining the organization, as it demonstrates the value and benefits of membership.

Of course, joining the WTO is only the first step in a long journey for Israel. The country will need to continue to work towards improving its competitiveness and productivity in order to fully take advantage of the opportunities that membership brings. However, with a thriving tech industry and a highly educated workforce, Israel is well positioned for success in the global marketplace.

In conclusion, Israel’s accession to the World Trade Organization is a landmark event that will benefit both the country and the global trade system. By signing the agreement, Israel has committed itself to the principles of free and fair trade, and demonstrated its willingness to play an active role in the global economy. As Israel continues to grow and innovate, we can expect to see it become an increasingly important player on the world stage.

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