FTA, more flights to boost trade: Envoy tells India-UAE business team in Israel latest news

New Delhi: work being done India and Israel Indian Ambassador to Israel Sanjeev Singhra said the conclusion of free trade agreements and enhanced air connectivity is expected to boost trade and commerce.

Meanwhile, India, Israel and the United Arab Emirates (UAE) can leverage each other’s strengths to boost economic competitiveness, Singla said in an interaction with a joint business delegation from India and the UAE.

“The discussions on a free trade agreement between India and Israel will lay the groundwork for expanding bilateral trade,” Singhra said.

“Additionally, we are also working on enhancing direct air connections from Israel to various cities in India, which should be a welcome development for the business community.”

India is currently Israel’s second largest trading partner in Asia.

Singhra said greater trade between Israel and the UAE would also benefit Indian companies, as many had already set up bases in the UAE, or established manufacturing units in joint ventures or special economic zones (SEZs) there.

These units cover sectors such as cement, building materials, textiles, engineered products and consumer electronics.

Singhra highlighted areas of cooperation, saying: “We have been working to encourage joint investment in six mutually identified areas – water, energy, transport, space, health and food security.”

He added: “Israel’s strengths in niche technologies, India’s vast economic scale and depth, human resource pool and manufacturing scale, and the UAE’s capabilities in logistics and investment are not only important to our economy, but to the region as a whole. It’s all complementary.”

Mohamed Al Khaja, UAE Ambassador to Israel, who also participated in the interaction, highlighted the growing relationship between the UAE and Israel, saying: “Since the signing of CEPA (Comprehensive Economic Partnership Agreement) with Israel, there has been a strong bond between the two sides. Interest. Companies in both countries take advantage of the opportunities presented by themselves, while taking human connections to another level.”

The joint business delegation included 45 members from India and 10 members from the UAE. Rajan Navani, head of the Indian delegation and managing director of Jetline Industries, highlighted the positive results of the growing relationship between India and Israel.

“Israel has made a strategic decision to strengthen economic relations with India. This has facilitated the expansion of the Indian software giant in the Israeli market,” he said. Bilateral trade has diversified into pharmaceuticals, agriculture, IT, telecommunications and homeland security, he said.

India and the UAE signed CEPA in February, giving impetus to the already strong cooperation in trade and energy. India, Israel and the UAE have been working to strengthen trade and investment ties, including linking them with the US through the I2U2 group.