Israel eyes China as US, EU markets flounder

08:55, September 14, 2010      

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By Li Qiaoyi

Isreal is starting to lean toward Asian economies, particularly China, as the demand in the US and Europe has gone down over the past two years, said an economic advisor to the Israeli government said in an interview with the Global Times Monday at the Summer Davos in Tianjin.

Israel also looks to boost ties with China to diversify trade destinations, Eugene Kandel, head of the National Economic Council at the Israeli Prime Minister's Office.

Bilateral trade has increased more than 100 times as of 2008, since 1992 when the two countries formally established diplomatic relationship.

Trade between the two sides totaled $6.02 billion in 2008, with China' exports to Israel growing 15.7 percent to $4.23 billion, according to the Ministry of Commerce.

The global economic crisis, however, hit trade going both ways. Trade between the two countries dipped 14.4 percent to $5.17 billion last year, the Ministry of Foreign Affairs said in a statement in May.

Bilateral trade will recovery to the level of 2008 this year, said Kandel.

Trade between Israel and the US and EU for over 70 percent of the country's total foreign trade.

Source: Global Times


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