Israel has welcomed India's proposal to set up a technology think tank with representation from both sides to further boost the trade ties between the strategic partners inching towards a Free Trade Agreement (FTA).
The proposal to set up such a incubator was put forward by India's Minister of State for Commerce and Industry Jyotiraditya Scindia during a meeting with Israel's Minister for Trade, Industry and Labour Benjamin Ben-Eliezer, last evening.
Scindia also informed his Israeli counterpart that the Trade and Economic Relations Committee (TERC) of Government of India has given its approval for begin negotiations over the signing of FTA.
Israel has been consistently pushing for the Free Trade Agreement with India, a step ahead of the Preferential Trade Agreement (PTA) that a Joint Study Group (JSG) set up by the two countries had recommended to improve trade ties.
Ben-Eliezer, himself had raised the issue with Indian leaders during his visit to New Delhi last month in order to fully tap the potential for bilateral trade between the two countries.
The two leaders outlined water and agriculture, information technology, homeland security, science and medicine, bio and agro-technologies as the key areas for cooperation.