We're shifting in direction of finalising FTA, says Israel’s Economic system Minister Barkat, ETCFO

Israeli Minister of Economic system and Business, MK Nir Barkat expressed his enthusiasm for strengthening Israel’s financial and commerce relations with India on Tuesday, though he didn’t present a transparent timeline for finalising the free commerce settlement (FTA). “We’re shifting in that path,” stated Barkat, whereas talking to the media on the sidelines of the Israel-India Enterprise Summit 2025, organised in New Delhi.

The 2 international locations have been engaged in FTA talks since 2010, with the primary spherical of negotiations happening in New Delhi in Might 2010. Though the purpose was to finalise the settlement by mid-2022, the negotiations are nonetheless underway.

Barkat additionally emphasised the huge alternatives that the financial partnership between India and Israel affords for Israeli corporations, particularly in strategic areas akin to agri-tech, renewable power, and superior manufacturing.

“I used to be right here in December. We mentioned the large international alternative that India and Israel have collectively. Geopolitics makes Israel very near the US, but in addition very near India. Israel is tiny, however we’re very revolutionary, and the ability units of Israeli entrepreneurs and innovation and the power to scale the big scope of enterprise in India make a basic match. I’m main the biggest-ever delegation from Israel to any nation on the earth right here in India. The delegation is warmly accepted, and we’re discussing how one can do higher and extra enterprise collectively,” he stated.

Barkat expressed sturdy optimism, stating, “I’m assured that we can discover a answer, scale the economies, and make the lives of each Indians and Israelis a lot, significantly better sooner or later,” stated Barkat.

Barkat additionally prolonged an invite for extra Indian professionals to work in Israel. “We wish to collaborate. The joint ventures are limitless. Regardless of the enterprise group wants, our purpose as authorities is to see that occur,” he stated.

Barkat additionally highlighted Israel’s dedication to offering a safe surroundings for worldwide enterprise and funding. “Israel is virtually one of many most secure locations to do enterprise. We all know how one can win wars; we all know how one can safe our residents. , because of the struggle in Ukraine, 5 million Ukrainians left Ukraine. In Syria, eight million Syrians left the nation. Nevertheless, 100,000 Israelis got here again to combat. We’ve folks coming again to Israel, not leaving. And, we’re very, very proud and comfortable to do a number of enterprise with India,” stated Barkat.

Reuven Azar, Israel’s Ambassador to India, praised Israeli enterprise leaders for his or her resilience and assist through the ongoing battle within the Center East. He acknowledged their important contributions to Israel’s struggle effort, which have been pivotal in sustaining the nation’s financial progress throughout tough occasions.

Azar reiterated Israel’s dedication to establishing the India-Center East-Europe Financial Hall (IMEC), a groundbreaking mission geared toward remodeling commerce dynamics between India, the Center East, and Europe.

In the meantime, India’s Minister of Commerce & Business, Piyush Goyal, emphasised the nation’s developmental journey and financial progress whereas additionally highlighting the enduring strategic partnership between India and Israel. He famous that each nations can tremendously profit from one another’s experience in key sectors, akin to agri-tech, finance and rising expertise.

The summit is organised by the Division for Promotion of Business and Inside Commerce (DPIIT), the Ministry of Commerce and Business, and the Authorities of India in collaboration with the Embassy of Israel and the Confederation of Indian Business (CII).