Tel Aviv: Indian Prime Minister Narendra Modi on Thursday announced that India and Israel will soon finalize a Free Trade Agreement (FTA), a move set to take trade and investment between the two nations to new heights.
Prime Minister Modi said, “Our teams are working continuously on this, and we expect it to be finalized within this year. This agreement will be mutually beneficial and sustainable for both countries.”
During a joint statement, Modi and Israeli Prime Minister Benjamin Netanyahu declared that bilateral relations will now be elevated to a “Special Strategic Partnership”. Under this partnership, both countries will strengthen cooperation in defense, technology, science, and trade.
Key highlights of the partnership include:
- Promotion of defense production and technological collaboration.
- Advancement in technology transfer and expansion of digital payment systems.
- Creation of new opportunities in trade and investment, especially in MSMEs and export growth.
Prime Minister Modi also emphasized that India and Israel will work together against terrorism and promote global peace and stability. He added that this agreement will make India-Israel relations stronger not only economically but also strategically.
This visit marks Modi’s second state visit to Israel, during which both countries discussed agreements to enhance cooperation in energy, science, culture, and defense.
Experts say that the FTA will not only strengthen the economic interests of India and Israel but also enhance India’s role in global trade and technological collaboration.