Tel Aviv [Israel], September 4 (ANI/TPS): Israel’s Economy and Industry Minister Nir Barkat and Japanese Economy, Trade and Industry Yasutoshi Nishimura met in Tel Aviv on Monday and signed an financial and innovation settlement between their nations.
Nishimura introduced a commerce delegation of 80 Japanese firm representatives as Tokyo and Jerusalem explored a potential free commerce settlement that might develop their USD 3.3 billion industrial relationship.
“There’s vast potential for Japanese businesses to invest in Israel and enhance trade with one of the world’s leading economies. Our nations share deep-rooted historical and cultural ties, built on common values and innovative mindsets,” Barkat mentioned.
“The persistent strengthening of our trade relations in recent years is a testament to the mutual commitment to pushing our economies forward. My ambition is to deepen the bond between Israel and Japan, recognizing the massive untapped potential, and I am keen on collaborating closely with Minister Nishimura to achieve this.”Barkat additionally met with Japan’s digital transformation minister and finance minister, amongst different officers. Barkat and Nishimura addressed the annual JIIN (Japan Israel Innovation Network) convention.
Israeli Prime Minister Benjamin Netanyahu mentioned advancing bilateral relations along with his Japanese counterpart Fumio Kishida this previous February.
Jerusalem and Tokyo agreed in November to maneuver towards signing a free commerce settlement, which then-Prime Minister Yair Lapid mentioned would entail “discounts for products and goods from Japan for the benefit of the Israeli market and increasing Israeli exports to Japan, the third-largest economy in the world.”Israel’s major exports to Japan are electrical gear, chemical merchandise, scientific and optical devices and common equipment. Its major imports from Japan are transportation equipment, common equipment, electrical gear and chemical merchandise.
Israeli free commerce agreements with the United Arab Emirates and South Korea went into impact in 2023. In August, Israel signed a free commerce settlement with Vietnam and launched negotiations with Moldova in direction of one other.
Meanwhile, finalizing a free commerce settlement with Bahrain is excessive on Foreign Minister Eli Cohen’s agenda as he visits Manama.
Israel and India are additionally within the strategy of increasing their present free commerce pact. (ANI/TPS)