India and Israel plan FTA

The free trade agreement (FTA) proposed between India and Israel, by the latter, is making further developments. Recently, on 5th August, Israel’s minister of industry, trade and labour, Eli Yishai, met with his Indian counterpart Ashwani Kumar, for the same.

Taking an initiative, Indian companies seeking business opportunities with Israel will visit the country under the leadership of Kumar. The delegation would visit the industrial park in Jerusalem and the Israel Diamond Exchange in Ramat Gan. Israel had proposed the FTA with India a month ago.

To strengthen existing ties, Israel plans to set up its second trade office in India, at Bangalore. The two countries generated trade worth $1.6 billion in the first half of this year. Israel’s exports to India including diamonds, rose by 8.6% to $753 million while imports dipped by 4.4% to value at $833 million, during the same period.