Israel today said it wants to push for a free trade agreement with India with an objective of tripling bilateral commerce to $12 billion over the next four-five years.
"I hope it (Free Trade Agreement) will happen very soon. It is one of the aims of my visit here to try and push it as much as possible... It is progressing quite well," Israel Minister of Industry, Trade and Labour Benjamin Fuad Ben-Eliezer Benjamin said at a Ficci function here.
Bilateral trade stood at four billion dollars in 2008.
Mark Sofer, Israeli Ambassador to India, said bilateral trade is expected to grow fast once commerce is liberalised between the two countries.
The full potential for bilateral trade between India and Israel has yet to be realised, Benjamin said, adding that the areas of cooperation include homeland security, which is a major need for India and the new growing technologies in Tel Aviv.
Indian exports to Israel include chemicals, plastics, rubber, textiles, machinery and vehicle parts, while imports consist of minerals and electrical equipment.