Bilateral trade between India and Israel increased from $200 million in 1992 to $4.52 billion in 2014. [133] [134] In 2014, India was Israel`s tenth largest trading partner and seventh largest source of imports and seventh largest source of exports. [133] India`s top exports to Israel include precious stones and metals, organic chemicals, electronic equipment, plastics, vehicles, machinery, engines, pumps, clothing and textiles, and medical and technical equipment. Israel`s imports from India amounted to $2.3 billion in 2014, or 3.2 percent of its total imports. [135] Israel`s major exports to India include precious stones and metals, electronic equipment, fertilizers, machinery, motors, pumps, medical and technical equipment, organic and inorganic chemicals, salt, sulfur, stone, cement, and plastics. Israeli exports to India amounted to $2.2 billion in 2014, or 3.2 percent of total exports. [136] Both countries have also signed a „double taxation treaty.“ [137] During Modi`s visit, several cooperation agreements were signed between Indian and Israeli institutions. The Israel Space Agency and the Indian Space Research Organization have signed an agreement to promote partnership in the development of electric propulsion systems for small satellites and the creation of systems to accurately measure extreme conditions in space. India and Israel established full diplomatic relations in 1992, and since then, bilateral relations between the two countries have flourished at the economic, military, agricultural and political levels. The two countries see each other as isolated democracies threatened by neighbors who train, finance and promote terrorism, so the two countries also see their cooperative relations as a strategic imperative. In 2006, the Israeli and Indian ministers of agriculture signed a long-term cooperation and training agreement, which has since been overseen by experts on the ground at Mashav, an international development program of the Israeli Foreign Ministry. In 2008, the two countries launched a $50 million joint agricultural fund focused on dairy, agricultural technology and micro-irrigation. This formed the Indo-Israeli agricultural project.
In 2011, India and Israel signed an agreement to promote cooperation on urban water systems, which came into being after more than a decade of joint research, development and investment in countries` respective water technologies. Netanyahu`s son, Yair Netanyahu, was supposed to accompany the Israeli premiere on a state visit to India, but just a week before the visit, an outrageous recording of Yair`s private visit to a strip club with his friends was published on Israel Television News` main show. [96] In 2014, India was Israel`s third-largest Asian trading partner and the tenth-largest overall trading partner. In 2014, bilateral trade excluding military sales amounted to $4.52 billion. [7] Relations continued to expand during Prime Minister Narendra Modi`s tenure, with India abstaining in several resolutions to vote against Israel at the United Nations. [8] Since 2015, the two countries have been negotiating a bilateral comprehensive free trade agreement focused on areas such as information technology, biotechnology and agriculture. [9] [10] In 2003, the two countries discussed doubling their investments in their ongoing cooperation in science and technology to $1 million each as of October 2004. [146] In 2005, India and Israel signed a Memorandum of Understanding to establish a fund to promote bilateral investment in industrial research and development and in specific projects. According to the agreement, at least one Indian company and one Israeli company must work together on a project for that project to be eligible for the fund. From 2006 to 2014, the fund, called i4RD, was used in seven projects.
[133] [147] [148] [149] In 2012, the two countries signed a five-year, $50 million academic research agreement to promote collaborative research in a variety of disciplines, including medical and information technologies, social and life sciences, humanities and the arts. [150] [151] In 2002, India and Israel signed a cooperation agreement to promote space cooperation between the two countries. [157] Israel`s ambassador to India, Ron Malka, on Thursday signed an agreement with the state of Uttar Pradesh on water supply cooperation on the U.S.-Israel Bundelkhand water project. .