BILATERAL trade between Israel and India is set to touch the $4-billion-mark in this financial year,said an Israeli delegate here on Sunday. It has been a formidable trade tie between Israel and India in the last 17 years. The volume of trade between the two countries,which is not skewed in eithers favour,is poised to touch $4 billion from $3.4 billion last year, said Israeli Ambassador to India Mark Sofer. From $80 million in 1992,we have come a long way, he added.
In a step towards bolstering trade ties between the two countries,business communities from both sides launched the Federation of Indo-Israel Chambers of Commerce (FIICC) in Mumbai. The FIICCs objectives are to promote and facilitate trade ties and commerce between India and Israel and to create opportunities through cultural exchanges,workshops and conferences.
There have been ongoing discussions for a free trade agreement (FTA) between the two countries which will open more opportunities for business communities, said Sofer. Despite the economic downturn,trade between the countries has not been much affected,said the ambassador.