FTA essential to strengthen bilateral trade between India-Israel: Official

New Delhi, May 12 (KNN) The free trade agreement (FTA) is essential to strengthen the economic relations between India and Israel, visiting officials from Israel said on Thursday.

Israeli Ambassador to India Naor Gilon said that trade has grown by nearly 50 times since the establishment of full diplomatic ties between India and Israel in 1992. "We started at USD 200 million then and we are approaching USD 10 billion this year, Gilon said at an India-Israel Business Summit.

The bilateral trade between the two countries grew to USD 8.09 billion, excluding defence procurements in the first nine months of FY23, up from USD 7.86 billion in FY22.

Indo-Israel trade will grow to USD 10 billion this year and a free trade agreement (FTA) is essential to strengthen the economic relations, the officials said.

As per reports, direct flight connectivity will be established between more cities in India and Israel by the end of this year.

Yael Ravia-Zadok, the head of the economic affairs division in Israel's Ministry of Foreign Affairs, said that while the trade has grown and the scope of opportunities is endless, the FTA can help strengthen the economic ties further.

"We need to strengthen the infrastructure for economic cooperation. I am referring to the FTA that we are discussing right now. It will encourage trade and economic relations between our countries,” she said.

Both the sides have recently signed four agreements for cooperation.  (KNN Bureau)