India, Israel begin talks for free trade pact
The Hindu
India and Israel initiate free trade pact talks to enhance trade and investment ahead of Prime Minister Modi's visit.
India and Israel have started the first round of negotiations for a free trade agreement (FTA) here with an aim to further boost commercial ties and promote investments, an official said.
The four-day talks will end on February 26, the official said.
In November last year, the two countries signed the terms of reference (ToR) to formally start the negotiations for the pact.
In such pacts, two sides significantly reduce or eliminate import duties on maximum number of goods traded between them. Besides, they ease norms to promote trade in services and investments.
The ToR include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services.
The ongoing negotiations are important as Prime Minister Narendra Modi is visiting Israel on February 25-26.
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