Press Release

December 8, 2023
Cardin Cosponsors Resolution To Strengthen Economic Ties With Israel

WASHINGTON – The U.S. Senate unanimously passed a bipartisan resolution cosponsored by U.S. Senator Ben Cardin that calls for the strengthening of economic ties between the U.S. and Israel. The resolution comes amid Israel’s war against Hamas in response to the terrorist group’s gruesome assault on Israel on October 7th, which has stunted Israel’s economy.  

Led by U.S. Senators Catherine Cortez Masto (D-Nev.) and Marsha Blackburn (R-Tenn.), the resolutions was also sponsored by Senators Mike Crapo (R-Idaho), Thom Tillis (R-N.C.), John Barrasso (R-Wyo.), James Lankford (R-Okla.), Tim Scott (R-S.C.), Todd Young (R-Ind.), Bill Cassidy (R-La.), Bob Menendez (D-N.J.), John Cornyn (R-Texas), John Kennedy (R-La.), Michael Bennet (D-Colo.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), Jacky Rosen (D-Nev.), Cynthia Lummis (R-Wyo.), Ron Wyden (D-Ore.) Steve Daines (R-Mont.), Raphael Warnock (D-Ga.), Katie Britt (R-Ala.), Ted Cruz (R-Texas), Mike Braun (R-Ind.), Rick Scott (R-Fla.) and Dan Sullivan (R-Alaska), Deb Fischer (R-Neb.). 

 This resolution is endorsed by the National Taxpayers Union, the Center for Individual Freedom, and the Trade Alliance to Promote Prosperity.    BACKGROUND   The U.S.-Israel Free Trade Agreement of 1985 has helped US-Israel trade grow more than sevenfold since that year and serves as an important tool for supporting the Israeli economy during this time. 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. Israeli companies exported $21.4 billion in goods and $9.2 billion in services to the U.S. last year. Israeli companies’ stock foreign direct investment in the U.S. was $10.6 billion in 2022, supporting more than 20,000 American jobs.    

View the resolution here.