Ben-Eliezer, accompanied by 30 Israeli businessmen from various sectors, would begin his four-day trip from January 10. During his stay, he will meet his counterpart, Commerce Minister Anand Sharma, and also Minister for External Affairs, S M Krishna.
"Bilateral trade between the two nations was recorded at an all time high of USD 4 billion in 2008 from the figures of USD 200 million when the diplomatic trade relations were established in 1992. The potential however is immense and we look forward to further diversify trade relations between the two countries," official sources said here.
Trade in diamonds accounts for almost half of the trade volume between the two countries and the figures do not include intensifying defence engagement between the strategic partners.
"Though last year's bilateral trade figures have taken a slight beating due to global recession that especially hit the diamond industry. Signs of revival are however evident and we two partners are committed to further strengthen trade ties," they said.
Israel would also look for a steady and step-by-step progress across a broad spectrum of areas.
"Bilateral trade is now multi-dimensional including areas like software, telecommunications, biotechnology, medical equipment, machinery, chemicals, pharmaceuticals etc.," Israeli officials said.
A new trend has been witnessed in trade ties between the two countries under which Indian companies have acquired Israeli companies and have also opened offices here.
The recommendations of a Joint Study Group (JSG) between India and Israel had earlier suggested establishment of Preferential Trade Agreement (PTA) between the two nations compatible to WTO rules.
The Israeli trade delegation is likely to take that discussion forward and also emphasise on closer cooperation between the customs authorities of the two countries, establishment of a standardisation and conformity assessment, bilateral industrial research and development, concluding a financial protocol and Investment dialogue to expose investors among the first priority areas of an agreed action plan as per the recommendations of the study.
The two countries already have an industrial R&D fund for which each one of them have contributed USD one million each to promote joint industrial ventures.