JOIN USIsraeli Ambassador to India Mark Sofer said his country can offer high-technology to India in diverse fields including agriculture, floriculture, horticulture and food processing.
Noting that the two countries have already begun negotiations on the FTA, Sofer said once the pact is signed, it would create more opportunities for further enhancing economic relations.
The FTA will cover both goods and services sectors and address tariff and non-tariff barriers, he said.
The pact is expected to triple the annual bilateral civilian commerce, which now stands at USD 4 billion, to around USD 12 to 14 billion.
He refused to predict any time line for concluding the FTA citing the complex nature of the negotiations but said Israel was looking for its early conclusion.
Economic ties between India and Israel have been witnessing a steady growth ever since they established diplomatic contact in 1992 when the trade volume stood at USD 200 million.
Asked about cooperation in the defence sector, Sofer refused to comment on the issue. However, there have been reports that trade in this sector has been booming, with Israeli military sales to India possibly surpassing that of the US.
India has leaped to become Israel's second largest export destination for civilian products, only next to close ally the US.
As per latest report, India jumped from the eighth position to the second favoured destination for Israeli exports in the first half of 2010.
Israeli exports to India in the first half of this year equalled USD 990 million, an increase of 102 per cent compared to that in the same period last year. The reason for this sharp jump was a 63 per cent leap in exports by Israel's mining, minerals and quarrying sector.