PM Modi's visit to Israel is hailed as a 'defining moment', boosting economic cooperation. A key takeaway is accelerating the India-Israel free trade agreement, with negotiations already underway, marking a new milestone in bilateral ties.
Push for Free Trade Agreement
Characterising the state visit of Prime Minister Narendra Modi as a defining moment for bilateral ties, Ofir Amami, Head of Economic and Commercial Mission at the Embassy of Israel, stated that the high-level engagement marks "another milestone in the strengthened relationship between Israel and India in the past year, specifically in recent years."
Speaking to ANI regarding the strategic depth of the trip, Amami highlighted that the visit was not merely diplomatic but was underpinned by significant "economic aspects." He pointed out that the personal involvement of the leadership has set a clear trajectory for future engagement, noting that "as mentioned by PM Modi himself during his visit, one of the key focuses and takeaways from this visit is stepping up the cooperation."
Central to this cooperation is the institutionalisation of trade ties, which has gained significant momentum following the Prime Minister's discussions in Jerusalem. Amami identified the primary objective as the acceleration of a comprehensive trade pact, stating that "the takeaway is also to bring forward the trade agreement, the free trade agreement between the countries." Providing an update on the ongoing negotiations, Amami noted that "just this week, simultaneously with the Prime Minister's visit, we had the delegation from Israel here to conduct the first round of negotiations toward the free trade agreement." He expressed optimism that the political will generated by the visit would act as a catalyst, adding, "We hope and believe that the visit of the Prime Minister will give an extra boost to take this process along." This push for a formalised agreement is seen as a natural progression for two economies that increasingly mirror each other's growth ambitions. "We believe both sides are very keen to take this step forward in institutionalising the economic relationship between the countries," Amami remarked, further observing that "there will be a lot of benefits for both countries that are quite complementary and aligned in their economic interests. I hope we can manage to take this forward in a rapid manner."
Key Agreements Solidify Bilateral Ties
Further solidifying this economic and strategic trajectory, India and Israel on Thursday unveiled 27 outcomes following the two-day visit. These outcomes, spanning cooperation in sectors from geophysical exploration to cybersecurity, include 17 agreements/MoUs and 10 key announcements aimed at expanding the bilateral partnership across strategic and people-centric domains.
Cultural, Maritime, and Resource Cooperation
Among the agreements signed was an MoU on cooperation in geophysical exploration to boost mineral exploration using advanced AI technologies, alongside a collaboration for the National Maritime Heritage Complex at Lothal, Gujarat. To deepen people-to-people ties, a Cultural Exchange Programme from 2026 to 2029 will be done to engage in creative fields like music and theatre through festivals and workshops.
Digital Payments and Agricultural Tech
In a significant move for digital and agricultural cooperation, NPCI International and Israel's MASAV signed an MoU to facilitate cross-border remittances through India's Unified Payments Interface (UPI). Simultaneously, a push for next-generation farming was formalised through the establishment of the India-Israel Innovation Centre for Agriculture (IINCA), focusing on precision farming and satellite-based irrigation. The technological partnership extended into strategic foresight with a Declaration of Intent on "Horizon Scanning" for joint research and AI-driven tools.
Fintech and Sustainable Practices
Both sides also moved to promote sustainable solutions in Fisheries and Aquaculture, while strengthening the financial sector through fintech and regtech collaboration between the IFSCA and the Israel Securities Authority.
Labour Mobility and Education
Addressing human resource and educational needs, three Implementation Protocols on Labour Mobility were signed to enable regulated recruitment of Indian workers across various industries. In the education sector, an MoU on advancing AI-powered learning was inked, while academic cooperation was further expanded through student exchanges between Nalanda University and the Hebrew University of Jerusalem.
Cybersecurity and Legal Frameworks
To bolster digital and legal frameworks, a Letter of Intent was signed to establish an Indo-Israel Cyber Centre of Excellence, alongside an agreement to strengthen arbitration and mediation cooperation. During the visit, the 4th India-Israel CEO Forum presented policy recommendations to align with industry trends and promote public-private collaboration.
Elevating Partnership and Future Initiatives
In addition to these agreements, the two sides announced the elevation of bilateral ties to a Special Strategic Partnership. Key announcements included elevating the Joint Committee on Science and Technology to the ministerial level and launching a new initiative on Critical and Emerging Technologies led by the National Security Advisor. The visit concluded with the launch of a Financial Dialogue, a Tech-Gateway Initiative, and a quota of up to 50,000 Indian workers over the next five years. The leaders also announced the establishment of an India-Israel Academic Cooperation Forum and a Parliamentary Friendship Group, underscoring the growing depth and breadth of the bilateral bond. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)