May 01, Colombo: Sri Lanka last week entered into an economic cooperation agreement with Israel.

Minister of Export Development and International Trade Prof. G.L. Peiris, who was in Israel last week as the guest of Minister of Industry, Trade and Labor Eli Yishai, signed the agreement.

In 2006 Israel's exports to Sri Lanka grew by 33.5% and Israel's imports grew by 34%.

Sri Lanka's main export items to Israel are diamonds, valued at US$ 19 million or 47% of total exports. Other goods include ready-made garments, tea, woven fabrics and rubber gloves. There are prospects to promote export of other products such as footwear, coconut products, rubber tyres, other gems and jewelry, spices, fruits, vegetables, and plastic articles.