NEW DELHI, Jan 9: India and Israel are set to sign five commercial agreements in various fields, including maritime operations, during the annual joint economic committee meeting slated to be held next week.

Commerce and Industry Minister Arun Jaitley will lead the Indian team at the meeting on Jan 14. The two teams will work on drafting agreements on regulating maritime operations, standards in medical equipment and telecommunications, customs administration and the electronic transfer of data, as well as drug trafficking control and price evaluation and verification, said a report.

An industrial research and development fund will be established, to which each government will contribute an initial $1 million, said the report, quoting Israel's Industry, Trade and Labour Director Amiram Halevy.

Discussions will also be held on utilization of alternate energy sources for industry and usage of Israeli technologies in India's geo-thermal and solar resources.

Strengthening of ties between the Indian National Association of Software and Service Companies and the Israel Software Association, especially in outsourcing and joint production, would also be discussed, the report said.-APP