Israel and Russia will begin negotiating a free trade agreement (FTA) in 2014, which the countries hope will increase trade numbers, as well as relations, with one another.

[caption id="attachment_5520" align="alignright" width="300"]ITAR-TASS/Denis Vyshinsky ITAR-TASS/Denis Vyshinsky[/caption]

The decision to begin talks was made early in December of 2013, after the two countries recognized an exchange of only $2 billion worth of trade in the prior year. The Jerusalem Post states that the $2 billion of trade between the two countries is equally divided into import and export.

“Based on the analysis of benefits such a potential agreement can give us, we will complete this process in the foreseeable future and find a sound basis for the agreement,” states Russian Deputy Prime Minister Arkady Dvorkovich.

According to ITAR-TASS, Netanyahu said that relations between the two countries had been “on the rise” in recent years and expressed hope that his talks in Moscow regarding the future FTA would contribute to the maintenance of peace and security in the region and the world.

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“We did it!” Those were the words of Chairman Gita Wirjawan, Indonesia’s trade minister, after hours of negotiations to reach a final deal between 160 countries. On December 7, 2013, for the first time in nearly two decades, agreements have been reached on a global trade pact approved by the World Trade Organization (WTO). It’s the first global trade deal to be agreed upon since the WTO formed in 1995.

The deal, now dubbed the “Bali Package,” could cut the costs of trade by 10-15%. The WTO states, “The objectives are: to speed up customs procedures; make trade easier, faster and cheaper; provide clarity, efficiency and transparency; reduce bureaucracy and corruption, and use technological advances.”

Estimates conclude that the agreement could boost the global economy by as much as $1 trillion. According to CNN, the agreement will also allow developing countries to continue to stockpile food to sell at subsidized rates to the poor.

The agreement is expected to be adopted by July of 2014. Full details of the agreement can be found here.