U.S. Sens. Marsha Blackburn (R-TN) and Todd Young (R-IN) on Nov. 2 unveiled a bipartisan resolution that would recognize the importance of the economic relationship between the United States and Israel.
“While Israel faces an unprecedented war against Hamas, we must have their back,” said Sen. Blackburn, who sponsored Senate Resolution (S.Res.) 445 alongside 11 original cosponsors, including Sen. Young and U.S. Sen. Thom Tillis (R-NC), Bill Cassidy (R-LA), and Catherine Cortez Masto (D-NV).
If enacted, S.Res. 445 also would affirm that trade facilitated by the U.S.-Israel Free Trade Agreement is a tool to support the economy of Israel during the conflict with Hamas, according to the text of the resolution.
“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,” Sen. Blackburn said. “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.”
The U.S.-Israel Free Trade Agreement of 1985 has helped both countries’ trade grow more than sevenfold since being enacted, the text says. For instance, 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.
Additionally, Israeli companies’ foreign direct investment in the U.S. was $10.6 billion in 2022, supporting more than 20,000 American jobs, the resolution says.
“The United States must use every tool available to support Israel following Hamas’ reprehensible attacks,” said Sen. Young. “Our bipartisan resolution reaffirms the strength of the U.S.-Israel economic relationship and America’s commitment to standing with the people of Israel.”
S.Res. 445 has garnered support from the National Taxpayers Union, the Center for Individual Freedom, and the Trade Alliance to Promote Prosperity.