New Delhi, Feb 11 (PTI) The current bilateral trade between India and Israel is "sub-optimal" and both countries should look at increasing it 10 times in the coming years as huge potential is there, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said there is huge potential to enhance collaboration in areas such as deep tech, fintech, agritech, cyber security, defence, AI, water conservation, and renewable energy.

"Currently the bilateral trade is about USD 6.5 billion. Both of us feel that it is sub optimal and we do not want to see very low aspirations. We want to aspire to grow into significant high double-digits and take it 10x from the current level through this exchange between businesses and through a focus on working together to make our products, services most cost-effective," Goyal told reporters here.

He was briefing the media after co-chairing India-Israel CEO Forum meet with Israeli Minister of Economy and Industry Nir M Barkat here.

"I think that we can easily look at the 10x growth in our bilateral trade coupled with investments on both sides happening in the next 12-13 years or so," he said.

The minister also offered to Israeli companies to partner with India to leverage the Anusandhan National Research Foundation fund for research and development.

The bilateral trade between India and Israel decreased to USD 6.53 billion in 2023-24 from USD 10.77 billion in 2022-23.

India received USD 327 million foreign direct investment (FDI) from that country from April 2000 and September 2024 period.

When asked about the proposed free trade agreement between the two countries, Barkat said he agreed with the Indian commerce minister that "first let's get the Missions together and learn from them what they need".

"We would like to better understand what are the challenges, what they recommend us to do, and naturally the next steps would be to take that... and put some kind of foundation," he said.

India and Israel held the first round of negotiations for the agreement in May, 2010. Eight rounds have been held since. The eighth round was held in Israel in 2013. PTI RR TRB

Bilateral trade expansion urged between India and Israel, targeting sectoral collaboration and an FTA roadmap. Bilateral trade is described as sub optimal and both countries advocate a strategic increase in commercial ties-including deep tech, fintech, agritech, cyber security, defence, AI, water conservation and renewables-paired with reciprocal investment. Israeli firms were invited to partner with India's national R&D fund to support collaboration. Ministers recommended consolidating diplomatic mission inputs to identify challenges and build a foundation for further negotiations toward a free trade agreement, noting prior negotiation rounds and recent trade and investment trajectories.