JERUSALEM -- Israel's cabinet on Sunday moved to bolster bilateral trade ties with China by voting to support joint industrial research and development (R&D) projects between the two countries.

The Chief Scientist's Office at the Industry, Trade and Labor Ministry is going to oversee the agreement, which will join 45 other bilateral accords aimed at encouraging cooperation between Israeli and international companies.

Israeli Prime Minister Benjamin Netanyahu lavished praise on the agreement, telling ministers at the weekly cabinet meeting that Israel and China "together are a winning combination because we are two nations with magnificent traditions who also adopt modernism."

Netanyahu said Israel is pursuing an ambitious goal of $10 billion in exports to China over the next three years.

"The agreement (ratified Sunday) is one of the most important tools we have to promote trade ties with China, as well as the establishment of a special fund to support (Israeli) companies operating in China and India," said Industry, Trade and Labor Minister Shalom Simhon, according to a statement released by the Prime Minister's Bureau.

Ministry Chief Scientist Avi Hasson attributed the increase in Israeli exports to China to the strength of the domestic hi-tech industries. He said that his office was committed to helping Israeli companies operate in the Chinese market.