JOIN USWith bilateral trade growing at a fast pace, Israel is planning to sign a free trade agreement with India by next year end.
In an interaction with members of Federation of Karnataka Chambers of Commerce and Industry (FKCCI) here, Israel Ambassador to India Alon Ushpiz said, “We are planning to sign an FTA next year end to accelerate our trade ties with India for the greater benefit of both our societies. The negotiations are going in the right direction .”
Ushpiz said Indo-Israel trade, which started off in 1992 with $180 million, has crossed the $5 billion mark in 2011. In 2014, the trade volume will be around $ 4.5 billion and still moving forward.
He said trade is an engine which pushes our bilateral relationship. “We are finding a shift in our trade composition with high-tech becoming 70 per cent of the total volume. We need to have a legal framework so that our trade will reach 5 billion to 10 billion in a couple of years,” he said.
He also said Israel is looking for long term relations with India. “Since India and Israel are competent in technology, our cooperation will bring in development,” said Ushpiz.
Talking on the impact of FTA, Ushpiz said a market of 8 million people will not endanger a nation of 1.2 billion. “FTA will bring intensity in the relationship of businessmen and it will bring in more trade escalation,” he added.