U.S. Applauds Israel's Economic Development

(Reiterates long-term commitment as trading partner) (220)





The United States has a long-term commitment to the security,


well-being, and economic development of Israel, White House Press


Secretary Ari Fleischer said in a statement issued October 16.





In the written statement, the press secretary applauded the strength


of Israel’s economy and said that Israel has become a prominent


trading partner with the United States since the U.S.-Israel Free


Trade Agreement came into effect in 1985.





Following is the statement by the press secretary:





(begin text)





THE WHITE HOUSE


Office of the Press Secretary


October 16, 2002





STATEMENT BY THE PRESS SECRETARY





We have watched the development of Israel's economy with admiration.


We believe in the fundamental strength of Israel's economy and have


confidence in its long-term potential.





The foundation of Israel's economy is the ingenuity and


entrepreneurial character of the Israeli people.





Over the last decade, Israel's economy has performed well, while


successfully integrating a wave of immigrants that increased its


population by more than 20 percent.





Since the U.S.-Israel Free Trade Agreement came into effect in 1985,


Israel has become one of the top destinations for U.S. high technology


investment and our bilateral trade in goods has grown to $19.5 billion


in 2001, making Israel our 20th largest goods trading partner in the


world and the biggest market for U.S. exports in the Middle East.





The United States has a long-term commitment to the security,


well-being, and economic development of the state of Israel.





(end text)