Jerusalem [Israel], February 26 (ANI): Prime Minister Narendra Modi has said that the Free Trade Agreement being negotiated between India and Israel will unlock the vast untapped potential in bilateral trade relationship.

The Prime Minister, who addressed Special Plenary of the Knesset on Wednesday, also spoke about the defence cooperation between the two countries and said 'a strong defence partnership between trusted partners like India and Israel is of vital importance' in an uncertain world. PM Modi said India has been the fastest-growing major economy in the world for the last few years and will be among the top three economies globally. He said Israel is a powerhouse of innovation and technological leadership and this creates a natural foundation for a forward-looking partnership.

'We are committed to expanding trade, strengthening investment flows, and promoting joint infrastructure development. The Bilateral Investment Treaty signed last year will provide confidence and predictability to our businesses,' he said.

The Prime Minister said India has concluded a number of important trade agreements with other nations.

'To your West, the European Union, and the UK. To your East, the UAE and Oman. Our bilateral goods trade has grown manifold in recent years. But, it does not reflect the full scope of opportunity. That is why our teams are working hard to negotiate an ambitious Free Trade Agreement. It will unlock the vast untapped potential in our trade relationship,' he said.

'We will also work closely in different formats such as the India-Middle East-Europe Economic Corridor and the I2U2 framework between India, Israel, UAE and the US. Defence and Security is another important pillar of our partnership. In November last year, we signed an MOU on Defence Cooperation. In today's uncertain world, a strong defence partnership between trusted partners like India and Israel is of vital importance,' he added.

Noting that Israel is often called the 'start-up nation', PM Modi said that in recent years, India has also been working to unlock the innovation and creativity of its youth.

'I recall that in 2018, Prime Minister Netanyahu and I inaugurated the iCreate Technology Business Incubator in India. Since then, it has supported nearly 900 such start-ups.'

He said India hosted the world's largest and most democratised AI Impact Summit last week, with representatives from over 100 countries.

'Our aspirational spirit aligns naturally with Israel's innovation ecosystem. I see a lot of synergies in areas such as quantum technologies, semiconductors, and artificial intelligence. We are also working with Israel on creating cross-border financial linkages using our Digital Public Infrastructure,' he said.

'Israeli expertise in precision irrigation and water management has already transformed agricultural practices in India. Together, we have established 43 Centres of Excellence across India that have provided training to more than half a million farmers. We should now set an ambitious goal of expanding to 100 Centres to benefit millions of farmers and fishermen,' he added.

The Prime Minister said that at the heart of the India-Israel partnership are the ties between our peoples.

'When I first visited Israel in 2006, there were a handful of Yoga centres in Israel. Today, Yoga seems to be practiced in almost every neighbourhood! I am told that interest in Ayurveda is also growing in Israel. I invite more and more young Israelis to travel to India. They will witness the dynamism of our society, and experience what holistic wellness can do for the body and the mind.'

He said the Indian Parliament has set-up a Parliamentary Friendship Group for Israel and invited Israel parliamentarians to visit India.

The Prime Minister said that Indian caregivers and skilled workers in Israel contribute immensely to families and communities. 'They have displayed remarkable courage and dedication in times of crisis, including on October 7. We are proud of them.'

'As the Jewish teaching reminds us, 'Whoever saves one life, saves the entire world.' Their service reflects the strength of the human bonds behind our cooperation. We will continue to facilitate the movement of workers and professionals across sectors that benefit both of our nations,' he added.

Noting that India and Israel are ancient civilizations, PM Modi said it is perhaps no surprise that our civilisational traditions also reveal philosophical parallels.

'In Israel, the principle of Tikkun Olam speaks of healing the world. In India, Vasudhaiva Kutumbakam affirms that the world is one family. Both ideas extend responsibility beyond immediate boundaries. They ask societies to act with compassion and moral courage.

'Judaism emphasises Halakha, guiding everyday conduct through law and practice. Hindu philosophy speaks of Dharma, the moral order that shapes duty and right action. In both traditions, ethical life is lived through action, and faith is expressed through conduct,' he said.

'There is an endearing similarity in our festivals as well. You celebrate Hanukkah with the warm glow of candles. Around the same time, we celebrate Diwali, the festival of lights, with the gentle radiance of lamps. Soon, India will celebrate the festival of Holi, filled with happiness and colour. And around the same time, Israel will also celebrate Purim with enthusiasm and joy,' he added.

PM Modi said that shared ideals are the deep foundations that give strength to modern partnership between the two countries.

'We are democracies shaped by history and focused on the future. Our partnership is grounded in shared experience and shared aspirations. Our strong partnership not only serves national interests but also contributes to global stability and prosperity. Let us ensure that the friendship between India and Israel remains a source of strength in an uncertain world,' he said.

The Prime Minister said that after India's independence, many Indian leaders felt a kinship with the people of Israel.

'India's parliamentary debates of the 1950s are witness to their admiration for Israel's efforts to develop agriculture in the desert. The Kibbutz movement of Israel inspired our leaders like Acharya Vinoba Bhave and Loknayak Jayaprakash Narayan. First in my home state Gujarat, and now across India, I have seen the approach of 'Per Drop, More Crop' work wonders in agriculture,' he said.

Noting that the two countries elevated relationship to 'Strategic Partnership' during his visit to Israel in 2017, he said the engagement has expanded in scale and scope. 'And we are committed to further consolidate this relationship across many sectors,' the Prime Minister said. (ANI)