India and Israel on Free Trade Agreement (FTA)
In January 2018, the two countries had an official meeting between India's Prime Minister, Narendra Modi and Israel's Prime Minister, Benjamin Netanyahu. The primary purpose was to establish a Free Trade Agreement (FTA) between the two countries.
The FTA seeks to create stronger economic ties between India and Israel by improving trade flows, removing barriers, and creating an environment conducive to foreign investments. The FTA will also enable both countries to access each other's markets and increase their regional economic presence.
The meeting between the two prime ministers was seen as a significant milestone in strengthening Indo-Israel ties, which have been growing since establishing diplomatic relations in 1992. The two countries have formed various collaborations in science and technology, commerce and security.
The Free Trade Agreement was finalized by both countries in January 2019 and came into effect on July 1, 2020. The agreement seeks to promote increased economic engagement between India and Israel by reducing tariffs on goods traded. It also includes provisions for facilitating mutual investments and protecting intellectual property.
The FTA will benefit both countries as it is estimated to increase trade between the two nations by up to 50%.
The agreement will open up new business opportunities in India and Israel, creating more jobs, boosting economic growth and improving living standards in both countries.
The Free Trade Agreement is a significant step in cementing India and Israel's diplomatic relations and will provide long-term economic benefits for both countries.
It is hoped that it will strengthen the already strong ties between India and Israel, making them even stronger regional allies.
Lastly, the FTA is also expected to spur innovation and collaboration between the two countries in various sectors, from agriculture to technology. This will help create an environment of trust and cooperation, benefiting both countries immensely.
The Free Trade Agreement between India and Israel is a positive step forward for both nations, one that will bring mutual benefit in the long run. It is a testament to the strong bond between the two countries and will help foster more collaboration in the future.