The agreement will pave the way for doubling bi-lateral trades between the countries
Indo-Israeli Free Trade Agreement is likely to be completed by second quarter of 2013, paving the way for doubling of bi-lateral trade between the two countries.
The fifth round of meeting was held in New Delhi on 14th-16th August 2012.
The Israel Minister and Deputy Chief of Mission, Israel Embassy, Yahel Vilan, noted that both sides are aiming to complete the agreement by this year, which marks the 20th year of diplomatic relations between the two countries.
Vilan noted in a press release that “Most major issues have been settled and there are no major obstacles now. Both the countries are doing their utmost to complete the process by the earliest.”
The FTA would facilitate doubling of the bi-lateral trade between the two countries from the current US$5.0 billion over the next decade.
The negotiation teams were led by Joint Secretary in the Commerce Ministry D S Dhesi and Deputy Director General of the Israeli Ministry of Industry and Trade Ohad Cohen. The pact is aimed at liberalising trade in goods and services, besides facilitating investments.
"The FTA is expected to expand the basket of goods that will be traded and create significant and substantial business opportunities for traders and businesspersons of both countries," it said. The bilateral trade between the nations stood at over USD 5 billion. Trade between the countries includes diamonds, chemicals, machinery, IT and agro-technologies.
