TRADE: Israeli Breakthrough

Compounding the political isolation that has beset Israel in recent months has been longstanding if less severe economic isolation; the Jewish state belongs to no trade bloc in which it can sell its products under low tariffs, a fact that aggravated a $3.5 billion trade deficit that last year forced a 43% devaluation of the Israeli pound. But in Brussels last week Israel achieved a significant breakout from its loneliness. The nine-nation European Economic Community signed an agreement that greatly reduces tariff barriers on sales of Israeli goods to the Common Market and assures Israel there will be no...

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