PM Narendra Modi: Big deal between India and Israel, Prime Minister Narendra Modi’s big announcement from abroad
Prime Minister Narendra Modi are on a tour of Israel. On this occasion, Modi made a big announcement to further strengthen the relationship between the two countries. Addressing Israel, Prime Minister Modi said that negotiations on a Free Trade Agreement (FTA) between Israel and India have begun. Also both countries can finalize it soon.
But a few days before PM Modi’s announcement, meetings to discuss the FTA began. The first round of meetings on the FTA began on February 23. Representatives of both the countries are present in this meeting which will last till February 26. It is believed that the two countries may agree on an FTA soon. Today (February 26) is the last day of Prime Minister Modi’s visit to Israel. The primary objective of the visit is to focus on making bilateral relations more strategic and multi-faceted, as well as strengthening areas such as defence, science and technology, trade, agriculture and water management.
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There is still no significant trade agreement
Although talks have begun on a trade agreement between India and Israel, significant trade volumes between the two countries are yet to emerge. However, trade is slowly increasing. In the fiscal year 2024-25, the total trade between the two countries was estimated at $3.62-3.75 billion or approximately $340 billion, with India’s exports at approximately $2.14 billion and imports at $1.6 billion.
Discussions stopped in 2021
Discussions about a free trade agreement between India and Israel are not new. These discussions have taken place in the past, but were stalled in 2021. However, talks have resumed and are said to be concluded soon. Meanwhile, trade between India and Israel mainly includes diamonds, chemicals, electronics, agricultural products, technology-based goods and machinery. However, this trade agreement could boost trade between the two countries. Moreover, India and Israel’s access to many sectors could increase.
Prime Minister Modi’s visit to Israel
India And the implementation of India-West Asia Europe Economic Corridor (IMEC) in Israel and cooperation under the framework of I2U2 (India-Israel-UAE-USA) are also likely to be discussed. Prime Minister Modi arrived in Israel on Wednesday for a two-day visit aimed at giving a fresh impetus to bilateral ties. This is PM Modi’s second visit to Israel in nine years. Prime Minister Modi’s first visit to Israel was in July 2017.
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