India’s Commerce and Industry Minister Piyush Goyal has said that collaboration with Israel will increase across all sectors in a quest for global peace and in the fight against terror.
Speaking to the media in Tel Aviv while visiting the Peres Centre for Peace and Innovation, the Minister termed technology and innovation as important pillars in the proposed Free Trade Agreement (FTA) between India and Israel. He described the West Asian country as a small nation converting adversity into opportunity.
Stating that there was immense excitement among start-ups, innovators, and businesses in Israel to work with a country like India to scale up the use of technologies in defence, agriculture, AI, and manufacturing to boost competitiveness, he called for deeper collaboration with Israel, which has a start-up per thousand people.
While India aims to become the world’s start-up capital, the Minister said possibilities will be explored for a start-up bridge between India and Israel, along with opportunities in dual-use innovation.
In a boost for India’s trade outreach and the India–Israel bilateral relationship, both countries signed the Terms of Reference (ToR) yesterday to kick-start negotiations for a potential Free Trade Agreement (FTA).
Both countries are expected to soon finalise dates for starting the negotiations. Currently in Israel, along with a delegation of over 60 businesspersons, India’s Commerce and Industry Minister Piyush Goyal said that the proposed agreement will cover market access and liberalisation of trade, will progressively eliminate tariff barriers, and reduce non-tariff barriers by fast-tracking approvals and market access.
Discussions will include issues like investment, simplification of customs procedures, technology transfer, defence, space, fintech, agritech, AI, cyber security, R&D, innovation, fintech, and drip irrigation.
Stating that the services sector will gain with IT, tourism, and collaboration on BPOs, the Minister said that an FTA will create a bridge for skilled and qualified professionals from India to work in Israel.
He added that 8 to 10 Indian companies have been shortlisted for work on a ₹4.5 lakh crore metro project in Tel Aviv, for which a pre-qualification interest has already been issued.
