India-Israel trade pact may be signed by year-end

bilateral tradeIsrael hopes that the bilateral trade agreement (BTA) with India would come through by the end of this year. “We believe that the trade agreement that would benefit the two countries, India and Israel, will be signed towards the end of this year. It is in the
final stages of its finalization,” Bangalore-based Israel’s Consul for Trade and Economic Affairs Avi Friedman said in Mysore today.

Speaking to Business Standard, after addressing a press briefing at the Mysore Chamber of Commerce & Industry, he said there were a lot of issues on the table and the signing of the BTA would result in an increased bilateral trade, smoother tax, relocation of employees, training services and, tariff issues. “We foresee a better and brighter trade relations.” “Presently, India is a big trade partner with Israel in civil and defense areas. From a base of $180 million, our bilateral trade with India has increased to $5 billion. This is a huge leap. It is growing further in both the civil and defense areas. The BTA will give a further push to our mutual co-operation,” he said.

Friedman said, Israel was giving knowledge support for the establishment of centers of excellence in India. Federation of Karnataka Chambers of Commerce and Industry District Co-ordination Committee Chairman Sudhakar S Shetty said a 13-member delegation from MCCI will visit Israel from May 19 to May 25 for a study tour. The team comprised of entrepreneurs and representative of agro, automobile and education areas from Mysore, Chamarajanagar and Mandya. They would also attend the 1st Innovation Conference at Tel Aviv also.

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Kavitha S (Trade Officer)