India, Israel inching towards free trade pact, says envoy. Kolkata : Ahead of the seventh round of talks on the free trade agreement (FTA) next week, Israeli Ambassador to India Alon Ushpiz felt both the countries were much closer to the conclusion of the proposed pact. “Each day we are inching closer to the goal,” he said without mentioning a specific timeframe. India and Israel, which have signed preferential trade agreement, have been engaged in negotiations for more than three years now for the FTA. The FTA, aimed at slashing or eliminating duties on maximum number of products traded between the two countries, could open up the services sector, particularly technology transfer, and increase investments. Trade (excluding defence deals) between the two countries dipped “slightly” below $5 billion in 2012, but it could be made up this year, Ushpiz said. However, the FTA could result in a quantum leap in two-way trade and investments, he observed. “It could be a strategic game changer,” he added saying that the relations between the two nations were not based on commercial principles but on “barter” and mutual appreciation of each other’s “sensitivities”. Apart from the defence sector, agriculture, dairy, water-related technologies are the areas of interest for Israel. Cut and polished diamonds continue be one of the most traded items.
Posted on: Tue, 18 Jun 2013 04:20:27 +0000
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