Business / Industry Sectors
Israel and India to speed up FTA negotiations post elections
23/06/2014
Mr. Alon Ushpiz, Ambassador of Israel to India indicates at finalizing FTA plans early next year

As India welcomes it’s new Prime Minister, Mr. Narendra Modi, countries around the world are rushing to expedite Free Trade Agreement negotiations with India’s new government. Mr. Modi is said to be very encouraging of new businesses.


For the past three years, Israel and India have been in discussions over an FTA. According to Israel’s Ambassador to India, Mr. Alon Ushpiz, negotiations are likely to conclude sometime early next year, and significant steps will be taken soon to iron out the legal framework for the deal.


“We are planning to sign an FTA next year to accelerate trade ties with India for the greater benefit of both societies. The negotiations are going in the right direction,” Mr. Ushpiz said.


In recent years, Israeli trade with India has exploded from US$180 million in 1992 to around US$5 billion last year. “We can go way beyond,” Mr. Ushpiz explained when speaking about the potential for an Israel-India FTA to increase cross-border cooperation in agriculture, technology and research and development.


“The FTA will bring intensity in the relationship of businessmen and it will bring in more trade escalation. Since India and Israel are competent in technology, our cooperation will bring in development. We are finding a shift in our trade composition with high-tech becoming 70 percent of the total volume. We need to have a legal framework so that our trade will reach five billion to 10 billion in a couple of years,” he added.


Source: India Briefing


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