Israel and Rumania have agreed, in a new pact for economic exchanges yesterday in Bucharest, to raise their annual trade to $40 million annually both ways, it was announced here last night by Pinhas Sapir, Israel’s Minister of Finance. Until now, their total annual trade had amounted only to $5 million.
Mr. Sapir returned here last night after signing the agreement on behalf of Israel, while Rumania’s Minister for Foreign Trade, Gheorghe Cioara, signed for the Bucharest Government. Under the pact, Mr. Sapir said, Israel will export to Rumania citrus fruit, textiles, chemicals, pharmaceuticals and other industrial products. In turn, Israel will buy from Rumania wood, meat, sugar and metals.
Mr. Sapir disclosed also that, under the agreement, each of the countries will help the other sell its products in third countries. This point was seen here as meaning that East European markets may now be opened to Israeli exporters. The pact also provides that Israel would help Rumania to establish a factory for producing canned, kosher meat.
Under the scientific exchange clauses, both countries will cooperate in a number of scientific areas, mainly concerning the petrochemical industry. The two governments will establish a joint committee for mutual cooperation to supervise implementation of the entire agreement. Israel will open a special economic office in Bucharest, in addition to its present legation.
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