In a bid to bolster ties between India and Israel, the two countries are looking to expedite the Free Trade Agreement (FTA) which has been in the works for nearly a decade. Israel's trade minister will be holding talks with his Indian counterpart to finalise the deal.

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Nir Barkat, Israel's Minister for Economy and Trade, appeared on CNBC-TV18 to discuss the growing ties between the two nations.

Barkat highlighted that Israel is quite inspired by what it sees in India and is looking to expand its export and import activities in the country. He also expressed his desire to build strong relationships with India's large economies and explore the potential for an FTA between the two nations.

“As the minister of economy and industry in Israel, I am focusing on Israel’s competitive advantage in the world and how we can expand our export and import relationships with other countries. We want to create more relationships with large economies. I see that India is poised to be third largest economy in the world.”

According to Barkat, the goal is to expand the India-Israel relationship in a meaningful way that benefits both countries.

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While there is no specific timeline for the FTA talks, Barkat emphasised that they want to do it soon. He also acknowledged the need to look at how India and Israel can help each other and expressed his willingness to discuss what Israel wants from India.

Barkat expressed trust in the Indian government and the country's businesses, stating that they have had a good experience working with them. “We welcome all investments from foreign investors into Israel. I think that it's a testimony that we trust the Indian government and the Indian business people. We don't have a lot of ports, so having a port bought by an Indian and Indian company is testimony that we trust the Indian economy and the Indian people.”

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He also made it clear that Israel is not a part of the Adani issue, which has caused controversy in India.

Barkat stated that he is proud of Israel's democracy and that the majority of Israelis understand the changes in the judicial system. He also acknowledged that controversy is a part of democracy, but they will overcome it. He believes that the people out on the street care about Israel and that Israel's economy is headed in one direction because of their talent.

First Published:Apr 19, 2023 7:02 PM IST