PACTS: 9 deals on cooperation in cyber security, space, oil and gas exploration signed -
NEW DELHI: India and Israel will begin work on a free trade pact that Tel Aviv has been pushing for, officials said on Monday, as Benjamin Netanyahu began a first visit by an Israeli prime minister in 15 years.
India and Israel have built close ties over the years, largely centred on arms purchases, away from the public eye. But under Prime Minister Narendra Modi, whose nationalist party has long admired Israel for its tough approach to terrorism, ties have flowered across the economy.
“We have had diplomatic relations for 25 years, but something different is happening now,” Netanyahu said soon after the two sides signed nine agreements covering cooperation in cyber security, space and oil and gas exploration.
Israel has given initial approval for Indian energy companies to explore oil and gas in the eastern Mediterranean, in the first such move by Indian firms in that region.
Netanyahu, who said he saw a “kindred spirit” in Modi in terms of getting things done, pushed for a free trade pact with Asia’s third largest economy during the talks on Monday.
Modi agreed to open trade discussions, Indian foreign ministry secretary in charge of economic relations Vijay Gokhale told reporters. “A delegation from the commerce ministry will actually go next month for discussions on trade,” he said.
Bilateral trade has jumped from $200 million in 1992, when the two countries opened diplomatic relations, to $4.16 billion in 2016, largely in favour of Israel.
Netanyahu, accompanied by a 130-member delegation, wants to increase exports to India by 25 per cent over the three years.
Fighting terror: India and Israel on Monday pledged to fight terror as the two countries sought to broadbase their relationship on the silver jubilee of establishment of their diplomatic ties with Modi inviting Israeli companies to take advantage of the liberalised FDI regime in defence sector and to make more in India.
The two countries also underlined the need for working towards Free Trade and Bilateral Investment treaties.
On the second day of his six-day visit to India, Netanyahu held talks with Modi, both one-on-one and delegation level, after which the two sides reached agreements in various fields including a Memorandum of Understanding on Cyber Security Cooperation.
Netanyahu showered praise on Modi saying he is a “revolutionary” leader who has catapulted India into the future. A joint statement said the two PMs agreed that renewed efforts were required to realise the full potential for bilateral trade and investment and noted that the next round of bilateral talks will be held next month in Israel. — Reuters/IANS
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