Israel's Economy Minister calls India 'huge giant, great power' says "huge potential" in India-Israel collaboration

Tel Aviv [Israel], November 20 : Israel's Minister of Economy and Industry Nir Barkat on Thursday described India as a "huge giant" and an emerging "great power", asserting that there is "huge potential" for deeper economic collaboration between the two nations after signing the Terms of Reference (ToR) to fast-track negotiations for a Free Trade Agreement (FTA).

Speaking to reporters shortly after the signing ceremony, Barkat, who held extensive talks with Union Commerce and Industry Minister Piyush Goyal, praised the personal chemistry between the two leaders, noting that Israel views India not only as the world's most populous market but also as a strategic gateway to the entire Asian continent.

"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.

"I found a really good friend, Minister Piyush Goyal, and I see eye to eye on how to develop the complementary countries. You have the skill, we have innovation, and the combination of the two is very important and big. We also look at India, not just as an Indian market - which is the largest population in the world - but as a gateway to all of Asia," he added.

Earlier today, India and Israel formally signed the ToR to begin negotiations for a Free Trade Agreement, marking a significant step toward strengthening economic ties between the two countries. Piyush Goyal and Nir Barkat attended the signing ceremony in Tel Aviv.

Expressing optimism about the future trajectory of bilateral ties, Barkat noted that Israeli entrepreneurs' undertaking to do business with India is "very important" for Tel Aviv's interests.

"For Israeli entrepreneurs to understand how to do business with India is key, very important for our interests. I am very thankful, and I am a big optimist as to where we could take the relationship," the Israeli Minister of Economy and Industry stated.

Speaking at the event, Goyal confirmed that both nations have agreed to commence negotiations for a comprehensive FTA and emphasised that the proposed agreement would substantially enhance bilateral economic engagement.

According to Goyal, the FTA will open the doors to greater market access, the flow of capital, investments, and trade, both in goods and services, and added that the agreement would help remove obstacles to doing business and provide clarity, predictability, and stability to our economic engagement.

"We are two countries which really don't compete with each other, which open the doors to products, goods, services and investments, where we act as a force multiplier for both countries, and we are ambitious to finalise a win-win, fair, equitable and balanced free trade agreement between our two democracies," Goyal said.

The launch of FTA talks is expected to boost cooperation across technology, innovation, trade, and investment, further deepening the strategic partnership between India and Israel.

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