Finance Minister Ehud Olmert and India's Commerce and Industry Minister Kamal Nath signed an agreement over the weekend containing proposals for expanded economic cooperation and trade, the Industry, Trade and Labor Ministry said Sunday.
Talks will continue towards reducing import duties on select products, as well as a standardization Israeli companies to participate in Indian government tenders, investment incentives, strengthening links between the countries' banking systems, and other issues. Olmert and Nath also agreed to provide $1 million each yearly to help fund the recently created India-Israel Research and Development Cooperation Initiative. Trade between Israel and India totaled $2.2 billion in 2004.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>