Israel, India To Set Up Panel To Boost Trade

Israel and India plan to set up a joint panel to boost bilateral trade which could see a rise in the countries’ already substantial diamond and precious stones trade.

Indian exports to Israel last year were $869 million – 72 percent of which were diamonds and precious stones. Indian exports to Israel jumped 37 percent on 2002’s figure of $633 million.

Israeli exports to India last year were $698 million of which 73 percent were diamonds and precious stones.

Israeli Industry, Trade and Employment Minister Ehud Olmert is due to meet his Indian counterpart Aron Jaytlee, who is arriving in Israel on Wednesday with a delegation of 10 government officials and 20 businessmen.

At the meeting the ministers will set up the economic committee.

The committee, which will be the third of its kind since Israel and India established diplomatic relations in 1992, aims to increase trade and remove barriers to trade.

The Industry, Trade and Employment Ministry said India’s 7 percent growth rate last year was the highest in the world after China and would continue to grow at similar rates until the year 2030 when its economy would be larger than that of Japan.