Tel Aviv [Israel], November 23 (ANI): Israeli President Isaac Herzog on Sunday expressed enthusiasm about the potential for economic ties between India and Israel, adding that the two countries must work hard to strengthen bilateral trade.

During the meeting with Union Commerce and Industry Minister Piyush Goyal, who is on an official visit to Israel, Israeli President said, 'I'm especially happy that you're here to sign an MOU (Memorandum of Understanding), which is so important on the economic level between our nations. So all I can say is now the sky's the limit. We have to work hard on it. But I think we are like-minded in so many things.'

President Herzog lauded the longstanding relationship between the two nations, and added, 'We are very honoured to have you in Israel. As the President of Israel, I must tell you that the impact of India and the affection towards India and Israel is outstanding. I also had the pleasure and honour of meeting your Prime Minister a couple of times in recent years. And I hope to be able to meet your President soon. I think that the relations are excellent, but we can even upgrade them more.'

Goyal concluded a successful three-day visit to Israel on Sunday, during which he met with Prime Minister Benjamin Netanyahu and other key leaders.

Goyal conveyed Prime Minister Narendra Modi's warm wishes to Netanyahu and updated him on his discussions with Minister Nir Barkat and the outcomes of the Business Forum and CEOs Forum.

In a post on X, Goyal highlighted the signing of the Terms of Reference to launch Free Trade Agreement (FTA) negotiations, expected to boost trade, investment, and technology cooperation. He discussed strengthening innovation ties by combining Israel's hi-tech strengths with India's scale and talent.

Goyal sought Netanyahu's guidance on deepening economic and strategic engagement in sectors like agriculture, water, defence, science, technology, and innovation.

'Honoured to call on the Prime Minister of Israel, H.E. @Netanyahu, at the conclusion of my three-day visit. Conveyed to him the warm wishes of Prime Minister @NarendraModi ji. Updated him on my discussions with Minister @NirBarkat and the successful holding of Business Forum and CEOs Forum held with over 60-member Indian business delegation that accompanied me. Highlighted the signing of the Terms of Reference to launch FTA negotiations, which will boost trade, investment and technology cooperation. Discussed strengthening our innovation partnership by combining Israel's hi-tech strengths with India's scale and talent. Took his guidance on further deepening bilateral economic and strategic engagement across the sectors of agriculture, water, defence, science & technology and innovation,' Piyush Goyal posted on X.

Both countries have reaffirmed their commitment to boosting bilateral trade, investment and technological cooperation, and expressed confidence that negotiations would proceed constructively towards a balanced and mutually beneficial FTA.

During his visit, Goyal also engaged with leading Israeli media and interacted with members of the diamond community, which continues to serve as a cornerstone of India-Israel trade relations. He later participated in the India-Israel CEOs Forum with Minister Barkat, where he underlined the resilience, depth and growing potential of the bilateral economic partnership.

According to the official information, since the establishment of diplomatic relations between India and Israel in 1992, bilateral trade and economic relations have progressed rapidly. From USD 200 million in 1992 (primarily diamonds), merchandise trade has diversified and reached a peak of USD 10.77 billion (excluding defence) in FY 2022-23.

In FY 2023-24 and FY 2024-25, bilateral trade (excluding defence) was USD 6.53 billion and USD 3.75 billion, respectively, reflecting a decline due to the regional security situation and disruptions to trade routes.

During PM Modi's visit to Israel in July 2017, both sides signed and exchanged 7 MoUs covering innovation, technology, water, agriculture, and space & science. A USD 40 million India-Israel Industrial R&D and Technological Innovation Fund (I4F) for joint projects was also set up.

During the visit of the Prime Minister of Israel to India in January 2018, the two countries signed nine agreements in various sectors, including cyber security, oil and gas, solar energy, space science, air transport, medicines, and film production. (ANI)