India-Israel FTA: Israeli negotiators in India to finalise landmark trade deal
Jerusalem: Foreign Secretary Vikram Misri on Thursday confirmed that an Israeli negotiating team is currently in India to hammer out the details of a landmark free trade agreement, a move that follows the elevation of bilateral ties to a "Special Strategic Partnership."
The announcement came as Prime Minister Narendra Modi concluded a high-stakes state visit to Israel at the invitation of Prime Minister Benjamin Netanyahu. Misri highlighted that the trade talks represent the final piece of a three-part economic strategy, building on a bilateral investment treaty signed in September 2024 and a newly launched financial dialogue.
"In September 2024, the two countries signed a bilateral investment agreement, and today, a negotiating team from Israel is in India for the first round of negotiations on concluding a free trade agreement," Misri told reporters. "To complete this triad, the two sides have also decided to launch a bilateral financial dialogue."
Mobility and the 'Sunrise' Workforce
A central pillar of the summit was the expansion of labour mobility. Misri identified the movement of skilled professionals as a "sunrise sector" for cooperation, noting that nearly 42,000 Indian workers have already migrated to Israel in recent years.
The visit saw the signing of implementation protocols to open Israel’s manufacturing, commerce, services, and restaurant sectors to Indian nationals. "There is also a broad consensus that up to 50,000 Indian workers may arrive in Israel within the next five years to work in these sectors," Misri stated.
Prime Minister Modi, in a joint briefing with Netanyahu, reinforced the urgency of the trade deal, stating, "We will soon give final shape to a mutually beneficial Free Trade Agreement."
Key Outcomes and Announcements
The Jerusalem summit yielded 17 Memorandums of Understanding (MoUs) and 10 major policy announcements:
- Strategic Elevation: Formally upgrading the relationship to a Special Strategic Partnership.
- Technology Leadership: Launching an initiative for Critical and Emerging Technologies led by each nation’s National Security Advisors.
- Academic & Parliamentary Ties: Establishing the India-Israel Academic Cooperation Forum and a dedicated Parliamentary Friendship Group.
- Research & Development: Introducing 20 joint fellowships in agricultural research and increasing funding for joint research calls.
- Science & Tech: Elevating the Joint Committee Meeting (JCM) on Science and Technology to the ministerial level.
The visit also featured the launch of the "Tech-Gateway Initiative," designed to link startups and innovators from both countries, further cementing the technological synergy that Netanyahu described as a "meeting of minds and hearts."
With inputs from ANI