India and Israel Forge Ahead with Ambitious Free Trade Agreement Talks

Israeli Minister Gila Gamliel has expressed her excitement over Prime Minister Narendra Modi's trip to Israel, underscoring the deep diplomatic and personal rapport between India and Israel, which she describes as a relationship of 'best friends.'

Highlighting the significance of Modi's visit, Gamliel noted that the bond shared by the leaders of the two nations, Modi and Netanyahu, is imperative for strengthening bilateral ties. She provided an update on the Free Trade Agreement (FTA) under discussion, describing it as beneficial for both countries. 'This is set to be the best for both of us,' she told ANI.

During a Special Plenary at the Knesset, Modi echoed similar enthusiasm, remarking that the FTA would 'unlock the vast untapped potential' in their trade relationship. While trade in goods has been growing, the figures remain short of the true potential, necessitating an ambitious FTA.

These high-level talks coincide with ongoing technical negotiations. Union Minister for Commerce and Industry Piyush Goyal met with an Israeli delegation in India, marking the commencement of FTA negotiations. Goyal described these talks as vital to creating more opportunities for businesses and people on both sides.

Israel's Special Envoy for Trade and Innovation, Fleur Hassan-Nahoum, stressed the importance of a comprehensive trade pact, stating that both countries stand to gain significantly. With goods already flowing between the two nations, a structured FTA would expedite deeper cooperation.

Underlying these trade talks is last year's Bilateral Investment Treaty, which offers 'confidence and predictability' to businesses. It lays the foundation for the current trade negotiations and aims to boost joint infrastructure projects between India and Israel.