The Israel Cabinet met in special session today to hear a report on the new trade agreement between Israel and Rumania signed last week in Bucharest. The Cabinet applauded the achievement of the first trade agreement with an East European country.
The pact visualizes an exchange of trade annually totaling $40,000,000, compared to existing trade of about $5,000,000 a year.
The Ministers asked for the special meeting because the Cabinet normally would not meet while Parliament is in recess, as it is now for Passover. The Ministers sought a first-hand account of the talks from Finance Minister Pinhas Sapir, who headed Israel’s delegation for the pact negotiations.
Under the agreement, Israel will sell citrus, textiles, chemicals, pharmaceuticals and other industrial products, and will buy from Rumania wood, meat, sugar, metals and similar products. An important point in the agreement is that each country will help the other sell its products in third countries, which means Eastern European markets. This clause opens the possibility to wider sales of Israeli products.
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