Bilateral trade between India and Israel can go up to $15 billion after the two countries are expected to sign a free trade agreement (FTA) by the year end, an Israeli envoy has said.
"In 1992, the volume of trade between Israel and India was $180 million. Now, in 2011, it is about $5
billion. We are expecting the free trade agreement to be signed by the end of 2012 and then the volume of trade can go up to $10-15 billion," Israel's Ambassador Alon Ushpiz told reporters here on Tuesday.
Describing the current relationship between India and Israel as a "chair with three legs", Ushpiz said his country wanted to convert it to a "sofa with six legs" which was more "stable".
He said Israel was interested in investing in sectors like advanced technology in water, particularly re-usage of sewage water and desalination of water.
"We are exploring opportunities to cooperate in West Bengal's water and agricultural sectors," he added.