January 27, 2012
Figures recently released by the Israeli Central Bureau of Statistics, indicate that bilateral civilian trade between Israel and India continues to grow and reach new heights. During the year 2011, the civilian trade between the two countries reached $5.08 billion, an increase of almost 6% from $4.81 billion in 2010.
The main sections of the Israeli export to India, which altogether stands at $2.97 billion, include diamonds and precious stones ($1.56 billion, 52%), chemical products ($578 Million, 19%), machinery ($458 Million, 15.4%) and optical, medical & other equipment ($149 Million, 5%).
Indian export to Israel, which remarkably grew by 10.5% to $2.1 billion, includes diamonds and precious stones ($1.24 billion, 59%), chemical products ($287 million, 14%), transport equipment ($119 million, 6%) and textiles & textile articles ($113 million, 5%).
These figures do not include services.
The fourth round of Free Trade Agreement (FTA) negotiations between Israel and India is scheduled to take place at the end of March in Jerusalem. Both countries have recently expressed their strong will to finalize this agreement by the end of 2012. In a recent meeting in Jerusalem with External Affairs Minister SM Krishna, Israeli Prime Minister Benjamin Netanyahu said that the FTA is expected to multiply the trade and increase the economic cooperation between India and Israel.
In light of these figures, Ambassador of Israel to India, Mr. Alon Ushpiz, said: “In the last 20 years of full diplomatic relations, trade has been a strong engine driving the ties between our two countries and peoples to unprecedented heights. Trade has also played an important part in identifying new sectors of promising joint innovation”.