India, Israel ink agreement to cooperate in trade standards
India and Israel have signed a cooperation agreement in the field of standards, technical regulations and sanitary measures.
By TNN |
NEW DELHI: India and Israel have signed a cooperation agreement in the field of standards, technical regulations and sanitary measures.
he agreement, signed by Indian commerce and industry minister Kamal Nath and visiting Israeli deputy prime minister Eli Yishai, provides for cooperation in harmonisation of national standards with international standards requirements, facilitation for establishing scientific and technical collaboration and elimination of technical barriers to trade.
Both sides will cooperate on the basis of principles stated in the Agreements on Technical Barriers to Trade (TBT) and Sanitary and Phyto-Sanitary (SPS) Measures of the World Trade Organisation (WTO), it said.
According to an official release, India and Israel will further expand bilateral trade and investment relations building on the respective strengths of the two economies.
According to Mr Kamal Nath, Mr Yishai’s visit is an important milestone in the development of bilateral relations between the two countries.
ADVERTISEMENT
He pointed out that this was in continuation of the process started by the Israeli Prime Minister Ehud Almert’s visit to India in December 2004, when it was agreed to establish a joint study group to make recommendations on mechanisms and targets for expanding trade and economic cooperation. Several steps have since been implemented including the opening up of an Indian bank in Israel, finalisation of an agreement on standardisation and initiation of discussions between the two sides for a preferential trade Agreement (PTA), based on the recommendations of the JSG.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
