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India Israel Trade

India Israel Trade Agreement

Last updated: Mar, 2024

Introduction

India is Israel’s 2nd trading partner in Asia and the 9th largest globally. The bilateral trade has been majorly dominated by diamonds and chemicals. However, recent years have seen an increase in trade in areas such as electronic machinery and high-tech products; medical equipment; communications systems, etc. The two nations celebrated 30 years of the upgradation of bilateral ties to full diplomatic relations earlier in 2022.

India-Israel Trade

  • From US$ 200 million in 1992 (comprising primarily of diamonds), merchandise trade diversified and reached US$ 10.77 billion (excluding defence) in FY23 with the balance of trade being in India’s favour. In April-October FY24, the bilateral trade reached US$ 4.42 billion (excluding defence).
  • India is Israel's second-largest trade partner in Asia and seventh largest globally.
  • Nearly 300 Israeli companies have invested in India.
  • Major exports from India to Israel include pearls and precious stones, automotive diesel, chemical and mineral products, machinery and electrical equipment, plastics, textile and apparel products, base metals and transport equipment, agricultural products.

Major exported items from India to Israel with amount & quantity

  • India exported 3,475 commodities to Israel in FY23.
  • India’s export to Israel stood at US$ 8.45 billion in FY23.
  • Major exported items from India to Israel include petroleum products (US$ 5.50 billion); followed by pearls, precious, or semi-precious stones (US$ 1.26 billion), other miscellaneous engineering items (US$ 136.84 million), consumer electronics (US$ 118.94 million), and ceramics and allied products (US$ 67.01 million), etc. in FY23.
  • India’s export to Israel stood at US$ 3.51 billion during April-November 2023.
  • Major exported items from India to Israel include petroleum products (US$ 1.97 billion); followed by gems and jewellery (US$ 549.69 million), engineering goods (US$ 335.71 million), electronic goods (US$ 125.55 million), and organic and inorganic chemicals (US$ 85.8 million), etc. in April-November 2023.

Major imported items by India from Israel with amount & quantity

  • India imported 1,399 commodities from Israel in FY23.
  • Imports from Israel to India stood at US$ 2.32 billion in FY23.
  • India's imports from Israel include pearls, precious, or semi-precious stones (US$ 761.58 million); followed by fertilizers manufactured (US$ 401.88 million), electronics components (US$ 165.67 million), petroleum: crude (US$ 105.84 million), and agro-chemicals (US$ 98.05 million), etc. in FY23.
  • Imports from Israel to India stood at US$ 1.40 billion during April-November 2023.
  • India's imports from Israel include electronic goods (US$ 306.9 million); followed by pearls, precious, or semi-precious stones (US$ 280.4 million), aircraft, spacecraft, and parts thereof (US$ 187.18 million), fertilizers (US$ 122.18 million), and arms and ammunition, and parts thereof (US$ 102.53 million), etc. in April-November 2023.

Recent Trends & developments

  • Under a comprehensive work plan for cooperation in agriculture signed on May 10, 2006, bilateral projects are implemented through MASHAV (Center for International Cooperation of Israel’s Ministry of Foreign Affairs) and CINADCO (Centre for International Agricultural Development Cooperation of Israel’s Ministry of Agriculture and Rural Development). Agricultural cooperation between the two sides is formalized through three-year action plans. The two countries are currently implementing the fifth phase of the joint action plan (2021-23).
  • On September 22, 2020, a Memorandum of Understanding (MoU) was signed between Israel’s Start-Up Nation Central and India’s International Centre for Entrepreneurship and Technology (iCreate) to initiate a bilateral program to accelerate innovation and technology cooperation between start-ups and corporates from both countries. The aim of this program is to bring together Israeli and Indian entrepreneurs and startups to collaborate on innovative projects.
  • India and Israel have restarted negotiations for the Free Trade Agreement (FTA) with an aim to conclude it in 2022.
  • India and Israel celebrated the 30th anniversary of full diplomatic ties in 2022 with flag colours illuminating historic landmarks in both countries. They also launched a commemorative logo featuring the Star of David and the Ashoka Chakra, symbolizing strong friendship and admiration between the two nations.
  • As India and Israel prepare for a Free Trade Agreement, Israel wants to leverage synergies between India’s manufacturing potential and Israel’s technological know-how. Mr. Naor Gilon, Israel’s Ambassador to India, on June 29, 2022, expressed Israel’s desire to share technology for the success of India’s flagship program ‘Make in India’. At the same time, he also expresses concerns about the violation of Intellectual property norms.
  • On July 14, 2022, India, and Israel, along with the United Arab Emirates (UAE), and the United States, convened for the first leaders’ meeting of the I2U2 group, which was established in October 2021. The group has focused on launching initiatives focusing on food security as well as clean energy. I2U2 group will also advance a hybrid renewable energy project in Gujarat state (India), consisting of 300 megawatts of wind and solar capacity.
  • India too has been expanding its economic presence in Israel. In July 2022, Adani Ports and Special Economic Zone Ltd (APSEZ), a joint venture between India’s Adani group and Israel’s Gadot Chemicals Tankers and Terminals Ltd, won the bid for Haifa Port at US$ 1.18 billion. Haifa is Israel’s second-largest port and serves as a major trade hub on the country’s Mediterranean coast.
  • India and Israel signed a Memorandum of Understanding (MoU) in May 2023, on industrial research and development cooperation, marking a significant milestone in their scientific and technological partnership.
  • The Indian Institute of Technology (IIT), Madras joined hands with the government of Israel to establish an ‘India–Israel Center of Water Technology’ (CoWT) in Water Resources Management and Water Technologies at IIT Madras campus.
  • India and Israel are planning a slew of initiatives to bolster their cooperation in agriculture, said Mr. Ohad Nakash Kaynar, Deputy Chief of Mission at Israel’s Embassy in New Delhi. The two countries are planning to push high-level agricultural technology cooperation between Israeli institutions and the Indian Council of Agricultural Research (ICAR).

Economic and Defence Relations

  • In recent years, bilateral trade between the two countries has diversified into several sectors such as pharmaceuticals, agriculture, IT and telecom, and homeland security. India continues to be a focus country for the Israeli Government’s increased trade efforts. Moreover, the FDI inflows into India reached US$ 286.15 million during April 2000-September 2023.
  • Investments in the start-up and tech ecosystems have become quite significant. The total Israeli investments in Indian projects till 2021 have been valued at US$ 270 million, with Teva Pharmaceuticals, Ecoppia, and Naa’n Dan Jain being the top three notable investors in the clean energy, water management, and health domains.
  • In addition to trade and business, India is the largest buyer of military equipment from Israel, which, in turn, is the second largest defence supplier to India, after Russia. Ties between Israel and India have grown closer in the last decade and the two countries have formed a significant number of strategic, military and technology partnerships.
  • Israel and India in May 2023 inked an agreement that will allow 42,000 Indian workers to work in the Jewish state in the fields of construction and nursing, a move expected to help deal with the rising cost of living and assist thousands of families waiting for nursing care.
  • The Foreign Minister of India, Mr. S. Jaishankar and his visiting counterpart, Mr. Eli Cohen reviewed the strategic partnership between the two countries in May 2023 with the focus on enhancing cooperation in defence, security, water, and agriculture.

Conclusion

India and Israel maintain a strategic relationship and a free trade deal between the countries would significantly boost existing collaboration. The elevation of ties in the strategic partnership will expand this emerging cooperation in more new areas.

Contacts

  • Embassy of India in Israel
    Address: Hayarkon Street, PO Box 3368, Tel Aviv-6345103;
    Telephone: 00-972-3-7620700

    Mr. Sanjeev Kumar Singla (Ambassador) –
    Phone: 03-7620700 - 03-5223270
    Email – amb.telaviv@mea.gov.in

    Mr. Rajiv Bodwade (Deputy Chief of Mission) –
    Phone: 03-5220631
    Email – dcm.telaviv@mea.gov.in
  • Embassy of Israel in India
    Address: Embassy of Israel, 3, Dr. APJ Abdul Kalam Road, New Delhi-110011
    Mr. Naor Gilon (Ambassador)
    Mr. Ohad Nakash Kaynar (Deputy Chief of Mission)
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