India, Israel sign Bilateral Investment Agreement – How will this treaty boost business, trade ties?
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India’s Finance Minister Nirmala Sitharaman and Israel’s Finance Minister Bezalel Smotrich sign Bilateral Investment Agreement in New Delhi on Monday (Sep 8). Photograph: (X/@FinMinIndia)
The Bilateral Investment Agreement was signed by India’s Finance Minister Nirmala Sitharaman and Israel’s Finance Minister Bezalel Smotrich in New Delhi on Monday (Sep 8).
India and Israel on Monday (Sep 8) signed a landmark Bilateral Investment Agreement (BIA) that is expected to boost reciprocal investments and strengthen trade ties between the two countries. The agreement was inked by India’s Finance Minister Nirmala Sitharaman and Israel’s Finance Minister Bezalel Smotrich.
The Indian Ministry of Finance announced the signing of an agreement in a post on X, saying, “The Government of India and Government of the State of Israel sign Bilateral Investment Agreement #BIT in New Delhi, today.” It added, “Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman and Finance Minister of Israel H.E. Mr. Bezalel Smotrich sign the #BIT.”
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The treaty was signed during Smotrich’s three-day visit to India. During his visit, he will also meet Commerce and Industry Minister Piyush Goyal, and Minister of Housing and Urban Affairs Manohar Lal Khattar. He will also be visiting 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 to prepare common ground for some of the key agreements, including bilateral investment treaty and FTA,” PTI reported, citing sources.
How can BIA boost business, bilateral trade?
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A Bilateral Investment Treaty (BIT) is a reciprocal agreement between two nations aimed at promoting and protecting foreign investors of one country in the other. It guarantees protection under a legal framework and ensures fair and equitable treatment, protection from expropriation, and free transfer of funds.
The treaty will ensure that Israeli investors in India and Indian investors in Israel are given protection as relevant to the international precedents and practices. It will also assure a minimum standard of treatment and non-discrimination, along with providing an independent forum for dispute settlement through arbitration to encourage investors.
