Israel wants free trade pact with India; Ashwani Kumar

New Delhi, Aug 6 (UNI) Minister of State for Commerce and Industry Ashwani Kumar today said Israel wants free trade agreement (FTA) with India to further boost the bilateral economic ties that began in 1992.

Mr Kumar, who is leading a high-level FICCI business delegation to Israel, said the FTA proposal was made a month ago and ''We are actively looking into it.'' Israel is also keen to set up a second trade office in Bangalore where several of its hi-tech companies have been active for almost a decade. Its only trade office in India is located in Mumbai.

The proposal was reiterated by Israel's Deputy Prime Minister and Minister for Trade and Industry, Ellie Yishai, when he met the Indian Minister in Tel Aviv today.

''The focus on multi-dimensional, multi-faceted comprehensive economic development can give a new dimension to Indo-Israel bilateral ties,'' Mr Kumar said.

Genomics, nanotechnology, water technology, security systems and agriculture are some of the areas where the two countries can enhance their existing cooperation, he added.

Israeli companies are also keen to invest in infrastructure development in India for the coming Commomwealth Games to be held here in 2010.

The two countries had agreed to consider a Preferential Trade Agreement (PTA), proposed by a Joint Study Group (JSG), during Yishai's visit to India in December last year.

Yishai has invited Mr Kumar to attend a water technology conference to be held in Israel in October.

UNI