India and Israel are considering implementing their proposed free trade agreement (FTA) in two phases to ensure early benefits for the trade community of both countries, Commerce and Industry Minister Piyush Goyal said on Sunday.
Photo: IANS
India and Israel are considering implementing their proposed free trade agreement (FTA) in two phases to ensure early benefits for the trade community of both countries, Commerce and Industry Minister Piyush Goyal said on Sunday.
India and Israel on Thursday inked terms of reference (ToR) to formally launch negotiations for the agreement.
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“We are considering doing this in two tranches. A decision will be taken when the talks begin. Both ministers are keen to finalise the first phase early so that the trade community benefits sooner,” Goyal said.
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Minister Goyal said that he and Israeli Economy and Industry Minister Nir Barkat have agreed that they will first focus on low-hanging fruit in the FTA.
Both leaders also decided not to touch the sensitive issues on both sides.
He further said the two countries may look at how innovative and R&D can drive greater investments in each other’s countries, work on joint projects where we can leverage their skill sets, and they can leverage the economies of scale in a large market like India.
Piyush Goyal also mentioned that India and Israel are considering implementing their proposed free trade agreement (FTA) in two phases to ensure early benefits for the trade community of both countries.
On Thursday, both India and Israel inked terms of reference (ToR) to formally launch negotiations for the agreement.
The ToR include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services.
”It is quite possible that we may come out with the first phase on an FTA, so that we can kickstart the benefits faster,” Goyal said.
He also spoke on a big metro project in Israel, saying the West Asian country has just come out with pre-qualification documents for a USD 50 billion metro project in Tel Aviv.
“It involves 300 km of underground tunnelling and is one of the largest projects, and they are keen that Indian companies should also bid for it,” he said.
“We have several players, both in the public and private sectors, who have done massive works. We have 23 cities which are setting up metros in India,” Goyal said, adding that Israel would “very seriously” like India to be a part of that project and “I hope Indian companies take interest and join the bidding process.
The Israel-India Business Summit was held in Tel Aviv, witnessing top political leaders, senior industry executives and major business organisations from both countries working to accelerate bilateral economic cooperation and chart new areas of collaboration.
The high-profile gathering featured the participation of Minister Goyal, Israel’s Economy and Industry Minister Nir Barkat, and India’s Ambassador to Israel J P Singh, underscoring the strategic importance both nations attach to strengthening their economic partnership.
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