Israel, as a developing nation with a high per capita income, has good relations with many of its developed and developing nation partners, but in specific, it has a special relationship with the US and the EU. With the US, it has been ever engrossed in enhancing trade ties, signing bilateral agreements to push through its service sector to the US, and in turn import technology and weaponry from the US. Due to Israel’s geographical position and its consistent threat of Islamic terrorism in the Arab nations, it is always entangled in ways of defending its nation with superior technology and smart systems of weapon deployment. US, on the other hand, with its obnoxious ambition of global hegemony and its ever unrequired presence in the Arab nations and meddling in their economies, is always in support of Israel only for its geographical position and being close to the Arab nations.
As per the US census, US Israel bilateral trade relations stood at $35.3 billion, in which the US runs a deficit of $9 billion (“Foreign Trade – U.S. Trade with Israel”, 2017). The bilateral agreements between the two nations occupy weapons, nuclear reactors, boilers and electronic equipment as major factors. This is due to the fact that Israel needs border security and weapons to fight terrorist on its soil and attacks from Iran and Palestinians. Israel exports more of diamonds, medical equipment, metals and other service industry sectors.
Israel EU relations are stable and growing with more dependence on commodities. Israel’s trade with the EU in goods has been growing and stood at about $20 billion in 2016, and the services at about $7.5 billion. This inculcates that Israel is establishing strong bilateral relationship with the European Union, as it strives to diversify its trade partners’ dependence. EU is a more lucrative and large market than the United States, as it is a conglomerate of 28 nations, and has more or less developed and developing economies, which support and align with Israel’s strong strategy of developing trade relationship with developing and developed countries.
The deficit of trade between Israel and US is reverse than that between Israel and the EU. This is because, in the US Israel trade relationship, the deficit of trade is on the US, and in the EU Israel relationship, the trade deficit is on Israel. US’s trade deficit with Israel is at $9 billion and Israel with the EU is close to $10 billion. EU exports transport machinery and equipment to Israel, and the US exports more of weapons and technology equipment. Israel seems to be importing more quality infrastructure materials from the EU than from the US, and this indicates Israel’s belief in the quality of EU’s transport infrastructure ability. Comparing these two partners with China and India, Israel is importing more from the EU and United States. This infers that Israel considers China and India as developing economies and probably less equipped with meeting its high quality infrastructure demands.
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