1998 LAND ROVER
DISCOVERY LE
starting at
'35,125
Free Trade Will
Not Affect Textiles
Jerusalem (JPFS) — Israel's textile
industry has no reason to fear
implementation of the Israel-Turkey
free trade agreement, according
to Turkey's Deputy Undersecretary
of Foreign Trade, Reyhan Atmaca.
The agreement calls for the lifting
of all tariffs on textile imports
between the two countries by the
year 2000.
Israeli textile manufacturers have
been nervous about the agreement,
believing that if the local market
is flooded by Turkish textiles, it
could finish off the already ailing
industry. Trade between Israel and
Turkey amounted to $400 million in
1997, which Atmaca expects to
increase to $600 million in 1998,
and to $2-3 billion within a short
time.
With Israel's special economic
relationship with North America,
and Turkey's strategic and economic
alliances with the central Asian
republics, Atmaca sees Israel
and Turkey forming an economic
bridge in the Mediterranean basin.
"We are like the first and last hook
of the same chain," she said.
Trade Surplus
Soars With U.S.
Jerusalem (JPFS) — Israel's trade
surplus with the United States sky-
rocketed by $1.4 billion to $1.8 bil-
lion in 1997, with exports rising 14
percent and imports dropping 9 per-
cent, the Central Bureau of Statistics
said.
Exports to Southeast Asia dropped
by 26 percent in the last quarter of
1997, compared with the quarterly
average during the rest of the year,
the bureau said.
Diamond exports dropped 36 per-
cent. Israel had a trade surplus of $1
billion.
About one-third of Israel's exports
are to the U.S., and in 1997 exports,
including diamonds, grew by $900
million, mostly in chemicals, phar-
maceuticals and electronics.
Imports from the U.S. dropped
mostly in equipment and
machinery, cars and optic devices.
The growth in the trade surplus
with the U.S. accounted for half of
the improvement in Israel's trade
deficit in 1997.
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