Israel-India to expand bilateral trade & investment
07 Dec '06
3 min read
India and Israel will further expand bilateral trade and investment relations building on the respective strengths of the two economies.
This was highlighted during discussions here this evening between Shri Kamal Nath, Minister of Commerce & Industry and Mr. Eli Yishai, Deputy Prime Minister and Minister of Industry, Trade and Labour of the Government of Israel, who was accompanied by a large Israeli business delegation.
Shri Kamal Nath described that Mr. Yishai's visit is an important milestone in the development of bilateral relations between the two countries and said this was in continuation of the process started by the Israeli Prime Minister Mr. Ehud Almert's visit to India in December 2004 when it was agreed to establish a Joint Study Group to make recommendations on mechanisms and targets for expanding trade and economic cooperation.
Several steps have since been implemented including the opening up of an Indian bank in Israel, finalisation of an Agreement on Standardisation and initiation of discussions between the two sides for a Preferential Trade Agreement (PTA), based on the recommendations of the Joint Study Group.
On this occasion, a Cooperation Agreement between India and Israel in the field of Standards, Technical Regulations and Sanitary Measures was signed by Shri Kamal Nath and Mr. Eli Yishai on behalf of their respective governments.
The Agreement provides that both sides will 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.
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