The Hindu : Business : India, Israel in talks on PTA

Online edition of India's National Newspaper
Wednesday, Dec 06, 2006
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India, Israel in talks on PTA

Special Correspondent

Visa issue for diamond traders to be taken up

NEW DELHI: India and Israel will further expand bilateral trade and investment relations building on the strengths of the two economies. They have already begun talks on a preferential trade agreement (PTA) based on the recommendations of a joint study group. These issues were highlighted during the discussions between the visiting Deputy Prime Minister and Industry Minister of Israel, Eli Yishai, and the Commerce and Industry Minister, Kamal Nath, here on Tuesday.

According to an official statement, Mr. Kamal Nath raised the issue of long-term visas for diamond traders of Indian origin in Israel and sought Mr. Yishai's help in resolving it. Besides, a cooperation agreement between the two countries is under consideration. Under this, both sides can cooperate in this field through harmonisation of national standards with international standards requirements, facilitation for establishing scientific and technical collaboration and elimination of technical barriers to trade.

Mr. Yishai is accompanied by a large Israeli business delegation. Mr. Kamal Nath described the Israeli minister's visit as a continuation of the process started by the Israeli Prime Minister Ehud Olmert's visit to India in 2004 when it was agreed to establish a Joint Study Group.

Several steps have since been implemented, including the opening of an Indian bank in Israel, finalisation of an agreement on standardisation and launch of discussions on a PTA, it is stated. While expressing satisfaction at the increasing business-to-business contacts as well as private sector cooperation reflected in the presence of several large Israeli companies in this country, both ministers expressed the hope that bilateral trade and investment would move substantially upwards from the current levels in the coming years.

Trade between India and Israel stood at $2.2 billion in 2005-06 of which India's exports are valued at $1.2 billion and imports at $1 billion. During 2004-05, India's exports to Israel crossed $ 1 billion, registering a growth of nearly 39 per cent, according to the statement.

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