India-Israel Trade doubled in two years; need to expand ties through FTA: Israeli Minister

New Delhi, Apr 19 (KNN) Israel’s Minister of Economy and Industry, Nir Barkat on Tuesday said to expand talks on the proposed Free Trade Agreement (FTA) between India and Israel.

Speaking at the India-Israel Business Forum held in New Delhi, he said trade between India and Israel has doubled in the past two years.

Highlighting the excellent relationship between the two leaders of the countries, he said trade ties has marked the direction they will take together.

He also noted that the I2U2 group between India, Israel, UAE and the US is a “smart idea” and that it “has a lot to offer”.

“UAE and Israel are small but well-positioned while the US and Indian economies are large. They are all very complementary with each other,” Barkat said.

Speaking at the event, Naor Gilon, Israel’s ambassador to India, too, emphasised on the significance of the relationship between the two countries.

“Relations between India and Israel were elevated to a strategic partnership after Prime Minister Narendra Modi’s visit to Israel in 2017. This strategic partnership is not only by name but by action,” he said.

“Our trade ties in the past three decades have increased by 40 times, from USD 200 million to more than USD 8 billion today,” said Gilon.

Organised by the Confederation of Indian Industry (CII), the India-Israel Business Forum showcased 15 Israeli start-ups working in a range of sectors — from cleantech, renewable energy and automotive to spacetech, medical devices and more.  (KNN Bureau)