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Last October, India and Israel agreed to resume free trade talks
with an aim of signing a deal by mid-2022.
Israel's Economy Ministry said a senior team from India's
Industry and Trade would meet with their Israeli counterparts to
discuss the ground rules but did not say when actual trade
negotiations would resume.
Ties between Israel and India have grown closer in the eight
years since Indian Prime Minister Narendra Modi has been in
power, and the two countries have formed a number of strategic,
military and technology partnerships during that time.
Bilateral trade between Israel and India totalled $6.3 billion
in 2021 up from $200 million in 1992 when the two countries
opened diplomatic relations and Israel has emerged as one of
India’s biggest suppliers of weapons alongside the United States
and long-term partner Russia.
"We share similar challenges in a wide range of fields, from
agriculture, climate and water to homeland security, fintech and
cyber," Israeli Economy Minister Orna Barbivai said in a
statement.
She called the relationship between the two countries
"strategic" and said a free trade deal would significantly boost
existing collaboration.
Ron Malka, the ministry's director general and former Israeli
ambassador to India, said in the statement that a deal would
ease trade barriers for Israeli companies operating in India,
strengthen trade and economic cooperation and help the
government in its efforts to lower the cost of living.
Last month Israel signed a free trade agreement with the United
Arab Emirates (UAE).
India aims to sign new trade deals with several countries
including Australia, the UAE, Britain and Canada, to boost
exports and help the country recover faster from its coronavirus-induced
slowdown.
(Reporting by Steven Scheer; Editing by Susan Fenton)
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