In a boost for India’s trade outreach and the India-Israel bilateral relationship, both countries have signed the Terms of Reference (ToR) to kickstart negotiations for a potential Free Trade Agreement (FTA).Currently in Israel, along with a delegation of over 60 businesspersons, India’s Commerce and Industry Minister Piyush Goyal said that the proposed agreement will cover market access and liberalisation of trade, will progressively eliminate tariff barriers, and reduce non-tariff barriers by fast-tracking approvals and market access.
Discussions will include issues like investment, simplification of customs procedures, technology transfer, defence, space, fintech, agritech, AI, cyber security, R&D, innovation, fintech, and drip irrigation.
Stating that the services sector will gain with IT, tourism, and collaboration on BPOs, the Minister said that an FTA will create a bridge for skilled and qualified professionals from India to work in Israel.The Minister added that 8 to 10 Indian companies have been shortlisted for work on a ₹4.5 lakh crore metro project in Tel Aviv, for which a pre-qualification interest has already been issued.The Minister described the proposed India-Israel FTA as a powerful force multiplier in the bilateral relationship, marking it as a historic beginning between both the countries with a rich history of resilience and growth amidst challenges.Stating that the friendship started by former Prime Minister AB Vajpayee was given wings by the current Prime Minister Narendra Modi as the first Indian PM to visit Israel in 2017, he described the FTA negotiations as a “new journey of shared prosperity between trusted partners who complement each other.”He highlighted trade complementarities between both countries, stating that Israel doesn’t want any export opportunities in the dairy, Agriculture, and fisheries sectors, which are sensitive for India.
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