TEL AVIV, Nov 21: Israel’s Minister of Economy and Industry Nir Barkat on Thursday described India as a “huge giant” and an emerging “great power,” highlighting the “huge potential” for deeper economic collaboration between the two nations. The remarks came after India and Israel signed the Terms of Reference (ToR) to fast track negotiations for a Free Trade Agreement (FTA).
Speaking to reporters after the ceremony, Barkat praised the strong personal rapport with Union Commerce and Industry Minister Piyush Goyal, noting that Israel views India not only as the world’s most populous market but also as a strategic gateway to Asia.
“India is waking up as a huge giant. India of tomorrow is a great power. We want to join a venture with India to help India become stronger and bigger. At the same time, collaborate and make Israel stronger and better. There is a huge potential,” Barkat said. He added, “You have the skill, we have innovation, and the combination of the two is very important and big.”
The signing of the ToR marks a key step toward strengthening bilateral economic ties. Barkat emphasized the importance of Israeli entrepreneurs understanding how to do business in India, calling it “very important for our interests.”
Goyal, speaking at the event, confirmed that both countries have agreed to commence negotiations for a comprehensive FTA. He said the agreement would enhance bilateral trade, investment, and market access while removing obstacles to doing business.
“We are two countries which really don’t compete with each other, opening doors to products, goods, services and investments. We are ambitious to finalise a win-win, fair, equitable and balanced free trade agreement between our two democracies,” Goyal stated.
The FTA talks are expected to boost cooperation across technology, innovation, trade, and investment, further strengthening the strategic partnership between India and Israel.