NEW DELHI: Union Minister of Commerce and Industry Piyush Goyal met with Israeli Finance Minister Bezalel Smotrich in New Delhi on Monday to discuss strengthening trade and investment ties. The meeting came as India and Israel formally signed a Bilateral Investment Treaty (BIT), a key step aimed at boosting economic relations between the two countries.
In a social media post, Minister Goyal said the discussion focused on “further strengthening trade and investment ties between our nations and exploring new avenues for mutual growth.” The visit by Smotrich, who is on a three-day official tour of India, is seen as a significant move to deepen economic and financial cooperation.
The newly signed BIT is expected to provide greater certainty and protection for investors from both countries, helping to facilitate increased trade and mutual investments. Officials noted that the treaty is India’s first such agreement with a member of the Organisation for Economic Co-operation and Development (OECD) since the introduction of India’s new model for investment treaties in 2016.
The meeting also comes as both nations are negotiating a Free Trade Agreement (FTA). Bilateral trade between India and Israel has been close to $4 billion annually, though it declined slightly in the most recent fiscal year due to regional security issues. The two sides are looking to diversify their trade beyond traditional sectors like diamonds and defense into high-tech products, clean energy, and fintech. Israel has also expressed keenness to collaborate with India on the India-Middle East-Europe Economic Corridor (IMEC).
