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Israel proposes FTA with India

Economic Times (India)

Israel proposes FTA with India

5 Aug, 2007

JERUSALEM: Israel has proposed a Free Trade Agreement (FTA) with India to boost burgeoning economic and bilateral ties.

Israel’s deputy prime minister and Minister for Trade and Industry, Ellie Yishai conveyed this during a meeting with Indian Minister of State for Trade and Industry, Ashwani Kumar, who is leading a high-level FICCI business delegation to Israel.

"The wish to renew and deepen bilateral ties was reiterated during the meeting, outlining major areas of cooperation for comprehensive economic development," Kumar said, adding India will also actively consider Israeli proposal for an FTA.

Israel also plans to open its second trade office in the country, which is likely to come up in Bangalore where several of its hi-tech companies have been active for almost a decade.

High-tech, genomics, nanotechnology, water technology, security systems, agriculture etc were mentioned as some of the areas where existing cooperation could be enhanced and new areas explored.

"The focus on multi-dimensional, multi-faceted comprehensive economic development can give a new dimension to Indo-Israel bilateral ties," the minister told PTI.

The two countries had agreed to consider a Preferential Trade Agreement (PTA), proposed by a Joint Study Group (JIGS), during Yishai’s visit to India in December last year.

 source: Economic Times