India and Israel Forge New Chapter with Strategic Investment Agreement
India and Israel have signed a groundbreaking Bilateral Investment Agreement to bolster economic ties, enhance investment flows, and protect investments. This strategic pact replaces a 1996 agreement and marks India’s first such accord with an OECD nation, underscoring deepening mutual economic and strategic interests.
- Country:
- India
In a significant development, India and Israel have signed a new Bilateral Investment Agreement (BIA), marking a pivotal step in fortifying economic relations between the two countries. The official announcement came from Israel's Ministry of Finance, highlighting the signing event in New Delhi with Israel's Finance Minister Bezalel Smotrich and India's Finance Minister Nirmala Sitharaman at the helm.
This agreement, the first of its kind with any OECD member for India, aims to promote reciprocal investor confidence, offering protection and certainty to investments, and facilitating enhanced trade flows. The new pact supersedes the previous 1996 agreement, which was terminated as part of India's strategic shift in investment treaties.
The Ministry of Finance emphasized the thorough preparation leading to this milestone, involving close collaboration between top economists from both nations. Further discussions include bilateral financial protocols and potential establishment of Israeli representation in India, aiming to reinforce institutional connections and further joint economic endeavors.
(With inputs from agencies.)
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