Our Bureau
New Delhi
This Monday, on September 8th, India has taken big steps to strengthen their trade relations with Israel. The ambassador of Israel to India, Reuven Azar announced through a post on his social media account, stating, “Bilateral Investment Treaty between Israel and India just signed!”
In a picture that was posted on X this Monday, the finance minister of India, Nirmala Sitharaman can be seen sitting next to Finance Minister of Israel H.E. Mr. Bezalel Smotrich, as both of them sign the documents that seemingly were related to the aforementioned trade deal. The bilateral investment treaty would set up a common ground for a Free Trade Agreement (FTA) that will eventually aim to boost trade between the two countries.
The news of an expected trade deal to be signed between the two countries during the visit of Israel’s Finance Minister Bezalel Smotrich this week, was going viral yesterday. Smotrich will be on a three-day trip to India between September 8th to 10th.
During the visit, it is expected that he will be meeting his counterpart Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, and Minister of Housing and Urban Affairs Manohar Lal Khattar. Besides Delhi, the Israeli finance minister will also be visiting the financial capital of India, Mumbai and the GIFT City in Gandhinagar.
The treaty represents the commitment both nations have towards taking another step towards economic cooperation. It will also be focusing on benefiting both nations economically with a higher rate of bilateral investments.
“BIT reflects both nations’ shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment. It is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries,” sources stated.
The treaty might offer investors from both Israel and India protection based on international norms, promise non-discriminatory minimum treatment and independent arbitration. It is expected that it will follow the same footsteps as Israel’s earlier BITs with over 15 countries, including the UAE and Japan.
