FTA Between India and Israel Will Benefit Both The Countries: Piyush Goyal

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FTA Between India and Israel Will Benefit Both The Countries: Piyush Goyal
08 Sep 2022
min read

News Synopsis

The country's Union Commerce and Industry Minister Piyush Goyal had said in his statement that the proposed trade agreement between India and Israel will greatly benefit both countries. Addressing the people of the Indian community in San Francisco, America, the Union Minister has also said that unless India gets a good deal, it will not compromise. It is worth noting that India and Israel have been negotiating a free trade agreement since May 2010.

At the same time, under a Free Trade Agreement (FTA), two countries greatly reduce or eliminate customs duties on the maximum number of goods taken under mutual trade. In addition, they try to ease the norms for promoting trade in services and attracting investments. For information, let us tell you that India mainly exports precious stones and metals, chemical products, and textiles to Israel, while imports from there include precious stones and metals, chemical and mineral products, base metals, machinery, and transport equipment. does. Bilateral trade between the two countries is about US$ 8 billion in the financial year 2021-22. Earlier in 2020-21, bilateral trade between the two countries was US $ 4.7 billion. India has recently signed Free Trade Agreement with UAE and Australia.

Switzerland, Norway, Iceland, and Liechtenstein are members of the European Free Trade Association (EFTA). Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan are members of the Eurasian Economic Union (EAEU). Meanwhile, the minister met with the venture capitalists who were present. He encouraged them to expand their engagements and partnerships with Indian startups. In response to a question about the semiconductor industry, Goyal stated that India provides incentives for companies to establish manufacturing units.

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