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India-Israel FTA to boost trade: Israeli envoy
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SME Times News Bureau | 27 Jun, 2013
India and Israel can invent, produce and market products together once
they sign Free Trade Agreement (FTA), said Israeli Ambassador to India
Alon Ushpiz.
Though the two countries are currently holding
negotiations on FTA in New Delhi, he is not expecting a breakthrough in
couple of days. He hopes the two sides would be able to sign the
agreement by the end of this year.
The envoy said the two sides
were focusing on the list of items and admitted that the negotiations
were difficult and complicated.
"I can't predict outcome of
negotiations. I believe it is the most important platform to take
forward what we are doing together," he said.
"The minute we have
FTA, I believe, our focus of trade or composition of trade will shift
from traditional things that we have been doing together to hitech, to
inventing, producing and marketing products together," he told reporters
here Wednesday.
He said the advantages FTA go way beyond volume
of trade. While the volume of trade will go up by billions of dollars,
the main advantages will be greater interaction between private sectors
and the shift of trade towards services like hitech, telecommunications,
pharmaceutical, healthcare, agriculture and renewable energy.
The
bilateral trade between India and Israel crossed $5 billion during
2011. The ambassador pointed out that this did not include services.
Though the trade decreased during 2012 because of economic challenges in both the countries, he believes the trend is positive.
The
Israeli ambassador, who Wednesday concluded two-day visit to Hyderabad,
saw great potential in cooperation with India in agriculture, water and
energy.
Alon visited the R&D Centre of Makhteshim Agan India
Pvt. Ltd., the Indian Subsidiary of the Israel-based Makhteshim-Agan
Group, located near Hyderabad and engaged in research activities to
bring in new technologies for the Indian farmers.
"The visit to
the centre was the most pleasant experience as it goes hand in hand with
what we are trying to do in India," he said.
Set up four years ago, it is the only R&D plant of the company outside Israel and employs more than 500 people.
The
envoy noted that the centre was not only developing products
tailor-made for Indian needs but wass also making products for marketing
outside of India.
Under three-year agriculture working plan,
Israel is working with different states in India to help them adopt the
Israeli agriculture technology for crops like vegetables, mango and
citrus fruit.
Israel also plans to set up a centre for vegetables
in West Bengal. He discussed the proposal with the authorities during
his visit to Kolkata 10 days ago.
The envoy hoped that Israel and
the ministry of new and renewable energy of India would sign an
agreement in coming months for joint R&D in renewable energy.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹88.70
|
₹87 |
UK Pound
|
₹119.90
|
₹116 |
Euro
|
₹104.25
|
₹100.65 |
| Japanese
Yen |
₹59.20 |
₹57.30 |
| As on 30 Oct, 2025 |
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