In a bid to target the Middle East market, Apparel ExportPromotion Council (AEPC) recently organized a buyer-seller meet in Tel Aviv. On the occasion a high level delegation also explored areas of cooperation between Israel and Indian in the areas of textiles and apparels. Taking this mission forward, Chairman AEPC signed a MoU with Israel Export and International Cooperation Institute.
The Textile and Apparel Show organised by AEPC in Israel was inaugurated by Kiran Dhingra, Secretary (Textiles), Government of India at Tel Aviv Exhibition Centre. Speaking on the occasion, Dr A Sakthivel, Chairman AEPC said, “Israel is an important market and with the India- Israel FTA in the anvil, we are hopeful of increased trade between the two countries. AEPC for the first time is organizing a buyer-seller meet in Israel to capture not only the Israel apparel market but also US $11 billion (Rs 60,945 crores) apparel market of Middle East region.”
Through the MoU, AEPC and IEICI will be working towards facilitating linkages of appropriate organizations that can contribute in furthering apparel trade. Chairman AEPC was hopeful that the MoU will go a long way in knowledge transfer for mutual enhancement of trade. Israel is the only country in the world that has FTAs with both the US and the EU, making it a bridge between the continents. By virtue of the North American Free Trade Area agreement (NAFTA), Israel also enjoys duty-free access to Canada and Mexico. This agreement, together with the Israel-Mexico FTA (which became effective in the summer of 2000), allows Israel duty-free access to practically all of North America. Israel also has FTAs with Jordan, Egypt, Turkey and the Palestinian Authority.
India is a significant trade partner of Israel. Though India has a trade deficit with Israel, however, prospects for trade relations are high. Israel in terms of apparel imports has been ranked as 31st largest importer in world with a share of 0.3 per cent of total world apparel import. India is ranked as 8th largest supplier of apparel to Israel with the share of two per cent in 2011.