Israel's Minister of Economy and Industry, Nir Barkat, has described India as a "huge giant" and an emerging "great power," emphasising the immense potential for stronger economic ties between the two countries.

This statement came during his visit to Tel Aviv to sign the Terms of Reference (ToR) to kick-start negotiations for a Free Trade Agreement (FTA) with India. Barkat highlighted India's growing strength and strategic importance, noting that India is not only the world's most populous market but also a crucial gateway to the Asian continent.

Barkat praised the personal rapport he shares with India's Commerce and Industry Minister Piyush Goyal, underscoring their shared vision for enhancing bilateral relations. He expressed confidence that combining India's skills with Israel's innovation would create significant opportunities for mutual growth. Barkat also stressed the importance of Israeli entrepreneurs understanding the Indian market as a key factor in advancing business cooperation.

Minister Goyal confirmed that both countries have agreed to begin comprehensive FTA negotiations, anticipating substantial benefits from enhanced bilateral economic engagement. The proposed agreement aims to open markets, boost trade and investment flows, and reduce barriers to doing business, while providing predictability and stability to economic relations.

The launch of FTA talks is expected to deepen cooperation in technology, innovation, trade, and investment, strengthening the strategic partnership between India and Israel. This development reflects the growing commitment of both nations to expand their collaboration into a win-win, balanced commercial relationship that leverages their complementary strengths.

Based On ANI Report