India-Israel FTA: Next round of talks this week

NEW DELHI: India and Israel will hold this week another round of negotiations for the proposed free trade agreement, a move which would increase bilateral trade and investment between the countries.

"The 5th round of negotiations between Israel and India on a Free Trade Agreement ( FTA) will be taking place in New Delhi on 14th-16th August," Israeli Embassy said in a statement here.

The negotiation teams are 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.

"India is of Israel's most important trade partners. Israel's industry is keen to expand its activity in India, and we see a growing interest on both sides for cooperation in various sectors, including water and energy technologies, ICT, and agriculture" Israel's Commercial Attaché in New Delhi Yonatan Ben Zaken said.