The bilateral trade between India and Israel is likely to increase three-fold after the free trade agreement between the two countries is signed, a diplomat said.

The negotiations for Free Trade Agreement (FTA) are expected to be concluded by the end of this year, Consul General of Israel in Mumbai Orna Sagiv told PTI here today.

The trade between the two countries was around USD 5 billion during the last financial year, which is expected to touch USD 12-15 billion after the FTA, she said.

“It will take around 2-3 years to touch a figure of 12-15 billion dollars which can be achieved by opening more sectors,” she added.

Twenty years ago, when bilateral trade started, it was mere USD 150 million.

Israel expects to have tie-ups in nano-technology, bio-technology, information technology and renewable energy, she said.