The Indo-Israel Free Trade Agreement may be concluded by this year-end, according to a senior Israeli diplomat.
“It should have been signed by the end of last year, but it got delayed. I expect that it will be finalised by this year-end,” Avi Friedman, Counsul for Trade and Economic Affairs, Head of Trade Section, Consulate General of Israel, Bangalore, said on the sidelines of a interactive meeting with trade body FAPCCI here today.
He said the conclusion of the agreement could significant increase bilateral trade between the two countries, which is currently at $4.5 billion, excluding the defence sector.
Cyber security
Friedman identified cyber security as a new potential area that the two countries could have deeper engagement, especially in the context of preventing cyber attacks.
“India is a victim of cyber attacks in the power and oil and gas sectors, I am given to understand. Even Israel is faced with cyber attacks (hacking of key installations),” he told Business Line.
Centres of excellence
Efforts are also on to expand the Indo-Israeli cooperation in setting up of centres of excellence beyond the horticulture sector.
“We are looking at other agri-related sectors such as dairy and alternative crops. So far, there are 28 applications from nine states to set up such centres of excellence,” Udai Ken Sagar, President of Indo-Israel Chamber of Commerce and Industry, said.