Jerusalem [Israel], February 26 (ANI): Prime Minister Narendra Modi on Thursday said that India and Israel will soon finalise a mutually beneficial Free Trade Agreement (FTA) and announced the establishment of a 'Critical and Emerging Technology Partnership' to deepen cooperation in the tech and innovation sectors.

Speaking during the joint statement with his Israeli counterpart Benjamin Netanyahu as part of his two-day state visit to the country, PM Modi said the two leaders discussed imparting a new direction and faster pace to bilateral cooperation.

'In today's meeting, we discussed giving a new direction and a faster pace to our cooperation. Our economic cooperation is the engine of growth, innovation, and shared prosperity. To encourage mutual investment, we entered into a bilateral investment agreement last year. We will also soon finalise a mutually beneficial Free Trade Agreement,' he said.

Highlighting the growing focus on technology-driven collaboration, the Prime Minister said technology will form the core of the future partnership between the two nations.

'Technology is the core of our future partnership. Today, we have decided to establish a 'Critical and Emerging Technology Partnership.' This will give new momentum to cooperation in areas like AI, quantum, and critical minerals,' he said.

The first round of negotiations for the India-Israel FTA commenced in New Delhi on Monday and is scheduled to take place until today.

Union Minister for Commerce and Industry Piyush Goyal on Tuesday met a delegation from Israel in India for the first round of FTA negotiations.

During Piyush Goyal's visit in November 2025, the Terms of Reference (ToR) for the launch of Free Trade Agreement (FTA) negotiations between India and Israel were signed.

PM Modi also welcomed the agreement on the use of India's Unified Payments Interface (UPI) in Israel, calling it a significant step in advancing digital cooperation, adding that both countries are committed to leveraging digital health innovations to improve the lives of their citizens through shared experiences and best practices.

'In the field of digital health as well, we are committed to improving people's lives by sharing our experiences,' he added.

In the defence sector, the Prime Minister noted that India and Israel share decades-old, reliable cooperation, which is set to expand further.

'In the field of defence, we have had decades-old, reliable cooperation. The MOUs signed last year will add new dimensions to this. Together, we will move towards joint development, joint production, and transfer of technology,' he said.

He further stated that both sides will advance cooperation in civil nuclear energy and space, underlining the expanding scope of the India-Israel strategic partnership.

PM Modi is currently on a two-day state visit to Israel at the invitation of his Israeli counterpart, Benjamin Netanyahu. (ANI)