Until we get a good deal, no trade pact with Israel, says Piyush Goyal

The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said.

India and Israel are negotiating a free trade agreement (FTA) since May 2010.

"With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said here on Tuesday while interacting with the Indian community.

In a free trade pact, two countries significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they ease norms to boost trade in services and attract investments.

Major exports from India to Israel include precious stones and metals, chemical products and textiles and textile articles while imports include precious stones and metals, chemicals and mineral products, base metals and machinery and transport equipment.

The bilateral trade in goods between the two countries stood at about USD 8 ..