June 14, 2024
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India-Israel Trade Pact Should Be As Wide As Possible: Israeli Minister

Israel’s Minister of Economy and Industry, M K Nir Barkat, has suggested that the proposed free trade agreement (FTA) between India and Israel should be broadened as much as possible to facilitate trade and bring people closer. He stated that he intends to hold talks with Indian officials regarding the FTA, which has been under negotiation for more than a decade.

Barkat plans to propose expanding the FTA and focusing on intelligent business development, sharing knowledge and experience as much as possible between the two countries. To ensure a successful free trade deal, he emphasized the importance of identifying complementary areas where India and Israel have a competitive advantage.

“It (FTA) should be as wide as possible to enable more and more trade as free trade brings the people together,” Barkat said.

He added that Isreal has a lot to offer in sectors like agrotech, healthtech and foodtech and it translates into a lot of trade from both directions. “So from my perspective, we are coming as open as possible,” the minister said.

Israel’s Minister of Economy and Industry, M K Nir Barkat, expressed his desire for India and Israel to double their trade every two years. In response to questions from the media, Barkat praised the concept of the I2U2 alliance, which includes India, Israel, the United Arab Emirates, and the United States, describing it as a smart move.

He believes that as time passes, the relationship and connection between the countries will become even stronger, as both the UAE and Israel are small but strategically positioned, while the economies of the US and India are large and complement each other.

Israel’s Minister of Economy and Industry, M K Nir Barkat, stated that geopolitical challenges such as constraints in the Chinese supply chain and sanctions on Russia can stimulate creativity and development. He emphasized that he views India as presenting a significant mutual opportunity and that Israel is eager to take advantage of it.

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