Both sides will cooperate on the basis of principles stated in the Agreements on Technical Barriers to Trade (TBT) and Sanitary and Phyto-Sanitary (SPS) Measures of the World Trade Organisation (WTO), it said.
While expressing satisfaction at the increasing business to business contacts as well as private sector cooperation reflected in the presence of several large Israeli companies in India, both Ministers expressed the hope that bilateral trade and investment would move substantially upwards from the current levels in the coming years.
Shri Kamal Nath also raised the issue of long-term visas for diamond traders of Indian origin in Israel and sought Mr. Yishai's help in resolving it.
Trade between India and Israel stood at US $ 2.2 billion in 2005-06, of which India's exports to Israel were valued at US $ 1.2 billion and India's imports from Israel at US $ 1 billion. During 2004-05, India's exports to Israel crossed US $ 1 billion, registering a growth of nearly 39%.
Top 5 items of exports from India to Israel are: Gems & Jewellery, drugs, pharmaceuticals & fine chemicals, cotton yarn, fabrics, made-ups etc, plastic & linoleum products, inorganic/organic/agro-chemicals etc.
Press Information Bureau Government of India
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