Hyderabad: The Indo-Israel Free Trade Agreement may be concluded by the year end, paving the way for deeper engagement between the two countries, according to a senior Israeli diplomat.
“It should have been signed by the end of last year, but it got delayed. I am expecting that it will be finalised by this year end,” Avi Friedman, Consul for Trade and Economic Affairs, Head of Trade Section, Consulate General of Israel, said.
This agreement could significantly increase bi-lateral trade, currently at $4.5 billion, excluding the defence sector, he told Business Line . Friedman identified the cyber sector as a new potential area for greater cooperation, especially in the context of preventing cyber attacks.
“India is a victim of cyber attacks in the power and oil and gas sectors. Even Israel is faced with cyber attacks (hacking of key installations),” he said.
A Frost and Sullivan report says the cyber defence market for oil and gas industries alone may reach $3.75 billion globally by 2021. Russian security firm Kaspersky pointed that India follows Russia in the number of cyber attacks faced, with UK, Ukraine and Vietnam being other victims.
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