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Israel mulls FTA with India

Business Standard

Israel mulls FTA with India

Press Trust of India/Harinder Mishra

Jerusalem December 01, 2006

Israel is considering a free trade agreement (FTA) with India to reach a bilateral trade target of $5 billion, deputy Prime Minister and Minister for Trade and Industry Eliyahu Yishai has said.

"The recommendations of the Joint Study Group (JSG) released in November last year talked about establishing Preferential Trade Agreement (PTA). We want to take it a step further ahead".

"We have commissioned a study to look into the possibilities of signing an FTA with India. The results of the study are not yet available but we certainly understand that there is a huge trade potential between the two countries", Yishai, who will be on a five-day visit to India from Dec 3, said here.

Asked about specific areas being looked into, he said, "It will be the first FTA in Asia. India is a huge country, so we need to check several issues and we believe that we can overcome all obstacles".

Yishai said the issue will be on the agenda of talks during his forthcoming five day visit starting next week on Dec 3.

Yishai is leading a business delegation of more than 50 Israeli entrepreneurs, the first such trade delegation after the formation of this government.

The deputy Prime Minister was also optimistic on reaching the bilateral trade target of five billion dollars between the two countries.

"There are several areas with vast potential of cooperation and the government will facilitate trade by outlining thrust areas and adopting measures that can help them. I am hopeful that we can come close to the target of $5 billion in bilateral trade", Yishai said.

 source: Business Standard