India set to sign BIT with Israel to boost trade ties
Israeli FM Bezalel Smotrich is on a three-day visit to India starting today
image for illustrative purpose
JERUSALEM: India and Israel are likely to sign a Bilateral Investment Treaty during the upcoming visit of Israeli Finance Minister Bezalel Smotrich this week, while laying the groundwork for a Free Trade Agreement (FTA) to boost trade between the two countries, according to sources.
Smotrich will be on a three-day visit to India next week between September 8 and 10, during which he will meet Indian Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Minister of Housing and Urban Affairs Manohar Lal Khattar.
Besides, the Israeli Finance Minister will also visit Mumbai and the GIFT City in Gandhinagar. “The aim of this visit is to deepen Israel’s economic and financial ties with India through bilateral meetings and prepare common ground for some of the key agreements, including bilateral investment treaty (BIT) and free trade agreement (FTA),” sources said.
“Both countries have been negotiating a draft bilateral investment treaty (BIT) and have concluded the negotiations. The Finance Ministers are expected to sign the BIT during the visit.”
The BIT between the two countries assures appropriate protection to Israeli and Indian investors, in light of relevant international precedents and practices.
