Post by : Rameen Ariff

India and Israel have marked a crucial advancement in their economic partnership by formally agreeing on the Terms of Reference to initiate negotiations for a Free Trade Agreement. This step is geared towards enhancing trade, investment, and economic collaboration between the two nations.

The signing ceremony in Tel Aviv featured India’s Minister of Commerce and Industry, Piyush Goyal, alongside Israel’s Minister of Economy and Industry, Nir Barkat, who worked together to solidify the initial framework. This framework will steer the subsequent discussions aimed at crafting a comprehensive Free Trade Agreement.

Following the signing, Piyush Goyal announced the news on social media, emphasizing that the Free Trade Agreement will pave the way for a fair, modern partnership beneficial to both parties. He indicated that the goal is to uplift bilateral trade, explore new arenas of cooperation, and address the interests of industries in both nations.

Goyal also conveyed that the agreement is anticipated to greatly enhance trade prospects by facilitating access to new markets and boosting the movement of capital, investments, goods, and services. He mentioned that the Free Trade Agreement aims to alleviate obstacles faced by businesses and render economic interactions more predictable and stable.

During the event, Goyal underscored the enduring strategic partnership between India and Israel, highlighting the mutual interests shared by both countries. He observed that their economies complement rather than compete with each other, providing an avenue for both sides to equally reap benefits through increased market access, enhanced manufacturing connections, and heightened investment.

Furthermore, Goyal emphasized India's burgeoning strength in innovation and technology, mentioning its rise as the third-largest startup ecosystem globally along with a robust intellectual property landscape. He indicated that India is making significant strides in advanced areas like artificial intelligence, machine learning, quantum computing, and digital services.

Once formal negotiations commence, both nations will pinpoint their shared objectives and new avenues for deeper collaboration. The discussions will likely concentrate on amplifying investment, forging technology partnerships, enhancing manufacturing ties, and broadening trade in various sectors.

This agreement marks a pivotal development in India-Israel relations, symbolizing the aspirations of both nations to foster a more robust, forward-thinking economic partnership.

#Global