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Israel pushes for free trade

Piyush Pandey MUMBAI, JANUARY 18, 2018 23:00 IST
UPDATED: JANUARY 18, 2018 23:00 IST

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Prime Minister Narendra Modi welcoming his Israeli counterpart Benjamin Netanyahu, prior to their meeeting at Hyderabad
House, in New Delhi on January 15, 2018. | Photo Credit: V. Sudershan

Prime Minister for lower taxes, less regulation

The Israeli government is pushing for a free trade agreement (FTA) with India to
boost trade and investments. Israeli Prime Minister Benjamin Netanyahu, who
was here to address the Israel-India Business Summit, said lower tax rates and
removal of excessive regulations would help the private businesses to prosper.

“Free trade agreements is an important economic agreement in various areas

and it helps in reducing tariffs, non-tariff barriers.

“Our FTA negotiations with India are on and both the sides are moving fast. This
is what we are going to focus and this is the very clear message from the Israeli
PM and PM Modi that how we make it,” Ohad Cohen, Trade Commissioner of
Israel, told business leaders of both countries.

Israel has FTA with the U.S., E.U., Turkey, Brazil, Canada and Mexico and many
with Asian countries.

The bilateral trade with Israel increased to $5 billion FY17 from $4.9 billion
FY16.

Mr. Netanyahu met Indian business leaders over power breakfast and discussed
the potential of business ties. “We gave oxygen to the private sector. What is
oxygen? Oxygen is lower tax rate, simple taxes, easy taxes. We did that by
lowering our tax rates and there is no excessive regulation. We have changed the
face of Israel economy to business friendly. When I spoke to Prime Minister
Modi, I saw that he was doing exactly that. He is up to the task, he understands
innovation and the need to simplify.”

Terming the India-Israel relationship as one “made in heaven”, he said the

relationship rested on shared values of love for humanity, democracy and
freedom.

Addressing the India Israel Business Summit, he asked business leaders to focus
on innovation and invited Indian businesses to invest in Israel.

The breakfast meet was attended by Ajay Piramal, Rahul Bajaj, Adi Godrej, Harsh
Goenka, Anand Mahindra, Dilip Shanghvi, Ashok Hinduja, Atul Punj and
Chanda Kochhar.

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4 comments Recommend 1

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Manjit Singh 2325 points

MS
a day ago

I doubt whether the new taxation system namely GST is simple by any means,
as it still seems to be out of understanding of many businesses. They are
learning fast but that would take time. Israel on the other hand has been
providing 'oxygen' since the day it was formed. And we as a nation need to rise
against many social and mental blockades to achieve our true potential.

Like Reply

Vishal 5 points
V
a day ago

hope for something good and prosperous from both nations.

Like Reply

Murugavel K 75 points
MK
a day ago

FTA should be entered with, only if

the balance of payment is going to
be in favour of us and that too, the
article/good which we want to
import should be a necessity which
we can't make in our country or it should be a rare metal/mineral.

Like Reply

DR. THOMAS, 7590 points

DT
a day ago

Don't trust Israel. It wants India's money using different excuses. Most tenants
do not trust Jewish landlords and merchants in N. America.

Like 1 Reply

Alias 6370 points

A
a day ago

India is such a sought-after global market that it is good for PM Netanyahu that
not many Indians know about the global campaign of BDS to call Israel to meet
its international obligations. It is also good for him that the inferiority complex of
many Indians makes them even care less to know about BDS, and instead think
Free Trade is something cool.

Like Reply

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