Early implementation of the proposed free trade pact will boost the bilateral trade multi-fold

Trade between India and Israel touched the $6-billion mark during 2012-13, up from $5.15 billion in 2011-12, according to an official from the Israeli Embassy.

Addressing a meeting here hosted by the Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) and Indo-Israel Chambers of Commerce and Industry, Yonathan Ben Zaken, Attaché – Economic and Commercial Affairs, Embassy of Israel, said trade volumes had grown to this level from a modest $200 million in 1992 to reach $5.15 billion in 2011 and $6 billion in 2012-13.

He further said bilateral relations between India and Israel had strengthened significantly in recent years with both nations experiencing a convergence of interests in agriculture, farm research, science, public health, IT, telecom and cooperation in space.

The Israeli industry is keen to take advantage of synergies with India in areas like water technologies, information technology and sectors that Israel is strong in.

About 265 information technology companies including Google, Microsoft, Cisco and Intel are doing significant business in Israel.

His country was always looking for innovation in solutions, technology, development and relations between countries, he said.

Fapcci President Srinivas Ayyadevara said: “Early implementation of the proposed free trade agreement between India and Israel will boost the bilateral trade multifold.”

Ken Uday Sagar, President, Indo Israel Chambers of Commerce and Industry, explained the potential for collaboration and scope of bilateral trade.