India, Israel to boost trade ties

In a boost to India's economic ties with Israel, both countries have agreed to promote customs cooperation, establish a joint research and development fund, remove mutual tariff barriers and boost major commercial projects as also encourage mutual government procurements.

The decisions were taken after discussions at the annual joint economic committee meeting led by Commerce and Industry Minister Arun Jaitley.

The two-day deliberations in Jerusalem, which wound up on Wednesday, were marked by "a spirit of close friendship and understanding and satisfaction at the healthy growth in bilateral trade," said a release from the Indian embassy in Tel Aviv.

"The two sides agreed to promote customs cooperation, industrial high-tech R&D and to establish a joint R&D fund. Negotiations on an agreement for Recognition of Conformity

Assessments are to be initiated and the possible electronic exchange of customs-related information to expedite the clearance of goods will be examined," it added.

In meetings with Israeli ministers of finance, transport and national infrastructure, Jaitley also raised possible cooperation in investments, infrastructure, railways and transportation.

India and Israel also resolved to remove mutual tariff barriers, boost major commercial projects and encourage mutual government procurements in their countries and third states, according to an Israeli release.