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Minister Bennett visits China and agrees on Feasibility Study

Israeli Minister of the Economy, Naftali Bennett, made an official visit to China, and announced that he has reached an agreement with leading figures in the Chinese administration to conduct a special survey to examine the degree to which a free trade agreement would be worthwhile, prior to signing a free trade agreement.

Such a survey (a feasibility study) is a precondition for talks to prepare a free trade agreement between the two countries. Estimates are that it will take one year to two years to complete the survey and its results will form the basis for a free trade agreement.

Trade between Israel and China totals about $8 billion annually and forecasts are that such an agreement would increase the amount so that more Israeli companies could become involved in bilateral economic activities with China.

Figures provided by the Ministry of the Economy’s foreign trade administration show that Israel’s exports to China in 2012 rose 0.9% to $2.74 billion. A large part of these exports comprise advanced technology electronics and communications products and machinery and equipment, and chemicals, and half of these fast growing exports can be attributed to the operations of Intel and Israel Chemicals Ltd. (TASE: ICL).

The full article was published by Globesbennett [online], Israel business news on July 8, 2013