Israel, India Sign Free Trade Agreement

On Thursday, Israeli Finance Minister Yuval Steinitz announced that Israel will be signing a free trade agreement with India, it has been reported.

Speaking at a trade convention in Shefayim, Steinitz said the agreement would exempt many import and export endeavours from certain taxes in both countries.

Israel currently has free trade agreements with the US, the European Union, Jordan, Egypt, and many of the Latin American states. It is the only country to have such an agreement with both the US and the EU.

Steinitz is set to visit India in February where he will formally sign the agreement, which, incidentally, does not require the government’s approval.

"The giant Indian market is full of endless opportunities for Israeli companies, of which many are already active there and can now expand their market," said Steinitz.

Finance officials also noted that the abundance of cheap goods that will most likely overwhelm the Israeli market were "the agreement's downside,” but that the advantages far surpass any detriments.

Last year, the Indian market became second on Israel’s list of top countries to do business with. Nearly a billion dollars worth of goods were exported there in the past fiscal quarter, a 102% rise from the previous year.