On Tuesday, Israel’s Minister of Economy and Industry, M.K. Nir Barkat, said that the planned free trade agreement (FTA) between Israel and India should be as broad as possible. This would allow for more trade and bring more people together.
The minister said that he would talk with the Indian side about the FTA that the two countries have been talking about for over a decade.
“As a government-to-government visitor, I’m going to suggest to your ministers that we naturally expand the free trade agreement, smartly focus on business development, and share as much knowledge and experience as we can,” Barkat said at a CII event while he was here.
He said that in order for the planned free trade deal to work, both India and Israel will have to focus on areas where they are both strong.
Barkat said that the FTA should be as big as possible to allow more and more trade, since free trade brings people together.
He also said that Israel has a lot to give in areas like agrotech, health tech, and food tech, which means that there is a lot of trade going both ways. “So, from my point of view, I think we’re being as open as we can,” the minister said.
He also wanted India and Israel to trade with each other every two years. When asked by reporters at the event, Barkat said that the thought of grouping India, Israel, the United Arab Emirates, and the United States into I2U2 was “really smart.”
“I think that as time goes on, you will see that the relationship and bonding have a lot to give because the UAE and Israel are small but well-placed. “Both the U.S. and Indian economies are big and work well together,” he said.
He said that global problems in the world push people to be more creative and to make more progress. He was talking about alternative plans in the context of Chinese supply chain restrictions and Russian sanctions. The minister said that he sees a huge chance for both sides in India and that “we are here to take advantage of it.”
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