Indo-Israel FTA likely to raise trade volume to $15 bn

Optimistic about the signing of an Indo-Israel Free Trade Agreement (FTA) soon, a top Israeli diplomat today said it would raise annual trade volume between the two countries three-fold up to $15 billion.

"Negotiations for conclusion of FTA between India and Israel have progressed considerably. Various technical aspects are being minutely examined and both sides are working out the details," Yahel Vilan, Minister and Deputy Chief of Mission in Israel Embassy, told reporters here.

Maintaining that both the countries have shown a strong desire and political will to have FTA, he said the two sides should be able to sign the proposed agreement soon as there are no major obstacles in sight.

Stating that India already has FTAs with countries like Singapore and Japan, Vilan said once the proposed FTA is signed, bilateral trade between the two countries which stood at around $5 billion per annum would increase at least three times.

Trade and business between the two countries would skyrocket once FTA is put in place, he said, adding that there is immense potential for growth in areas like healthcare, medical devices, pharmaceuticals, agriculture, irrigation, energy, particularly from renewable sources, aviation, IT and water management.

Referring to Odisha, Vilan said Israel is keen on expanding business and entering into joint ventures mainly in healthcare, agriculture and agri-related sectors like irrigation and water management.

Vilan, who is on a three-day visit here along with other Israeli officials, said their team met senior officials of Odisha's health and housing and urban development departments besides players from industry and trade.

Stating that the visiting delegation invited Odisha officials to attend two major exhibitions on health and urban development sectors slated to be held in Israel in June, he said it would make Odisha aware of sophisticated medical devices and equipment available in Israel.

Apart from government officials, CEOs of different hospitals and others have also been invited to attend the exhibitions, he said. Stating that minerals formed major portion of imports from India to his country, Vilan said Odisha being a mineral rich state would be an attractive destination for Israel.

Similarly, Israel's drip irrigation and water management technologies can be useful for India, he said, adding, Israel has developed new desalination technologies which could help India in addressing water issues.

Stating that there was a very positive image about India among Israelis, he said the focus is on strengthening people- to-people relations.

There is a tremendous potential for expanding tourism, he said adding the flow of Indian tourists to Israel had almost doubled from 25,000 to around 45,000 per year in recent times.

From Israel too, about 45,000 tourists visit India annually, he said stressing the need for introduction of cheap air services between the two countries.

Israel is already investing in Indian states like Maharashtra, Bihar, Karnataka, Rajasthan, Haryana, Gujarat, Tamil Nadu and Punjab.