July 26, 2023
1 min read

Israel, Vietnam ink FTA

The agreement will facilitate the activity of Israeli exporters in the growing Vietnamese market…reports Asian Lite News

Israel and Vietnam have signed a free trade agreement, said a statement from the Israeli Ministry of Economy and Industry.

The agreement was signed in Jerusalem on Tuesday by Israeli Economy Minister Nir Barkat and Vietnamese Minister of Industry and Trade Nguyen Hong Dien, in the presence of Israel’s Prime Minister Benjamin Netanyahu and Vietnam’s Deputy Prime Minister Tran Luu Quang, Xinhua news agency reported.

The agreement will facilitate the activity of Israeli exporters in the growing Vietnamese market, thereby contributing to the Israeli economy’s growth, the statement noted, adding that it will also help reduce the costs of imports from Vietnam.

Vietnam thus became the first country in the Association of Southeast Asian Nations to have a free trade agreement with Israel.

In 2022, the trade volume between Israel and Vietnam was $1.46 billion, including trade in goods and services, according to the ministry.

The volume of bilateral trade in goods stood at $168.9 million in the first six months of 2023, according to a report issued by Israel’s Central Bureau of Statistics on Monday.

Israel exports to Vietnam mainly chemicals, machinery, medical and optical equipment, rubber, and plastics, and imports from Vietnam machinery, fresh agricultural produce, and food products, among others, according to the report.

ALSO READ: ā€˜Israel’s judicial overhaul could set fire to Middle East’

Previous Story

Protests in US against Manipur violence

Next Story

“Punjab, British Council unite to boost youth employment opportunities”

Latest from -Top News

Zero Tariffs? Trump Claims Big Win Over India

Trump Claims India to Eliminate Tariffs on U.S. Imports..reports Asian Lite News U.S. President Donald Trump announced on Tuesday that India has either already removed or is in the process of removing

UNSC Grills Pakistan Over Pahalgam Attack

Though Pakistan claimed that the meeting largely served and achieved the objectives of the UNSC’s meeting, reports showed that it flopped miserably…reports Asian Lite News The United Nations Security Council (UNSC) reportedly

Islamists Rise Under Yunus Rule

After the departure of former Prime Minister Sheikh Hasina in August 2024, Islamic parties in Bangladesh, crushed for years by the Awami League government, have made inroads into the political arena…writes Baidya
Go toTop

Don't Miss

Indian Air Force chief in Israel to enhance military ties

Air Chief Marshal Bhadauria also visited major UAE AF &

Budget friendly must-visit countries for Indian globetrotters

Bali, an island in Indonesia, is a popular destination on