UPI to be used in Israel; FTA soon: PM Modi after meeting Netanyahu

An agreement has been reached for the use of Unified Payments Interface (UPI) in Israel, the Prime Minister said after the meeting

Prime Minister Narendra Modi on Thursday said India and Israel decided to give fresh momentum to bilateral ties, elevate the relationship to a special strategic partnership, and expand cooperation across key sectors following talks with Israeli Prime Minister Benjamin Netanyahu.

 

An agreement has been reached for the use of Unified Payments Interface (UPI) in Israel and Modi said India and Israel will work to conclude a free trade agreement, the Prime Minister said after the meeting.

 

He said the decision will facilitate digital payments between the two countries and support financial connectivity. 

Free trade agreement

At the joint press meet, .Modi said India and Israel will work to conclude a free trade agreement

 

 

“We will work to conclude a mutually beneficial free trade agreement,” he said. He added that the agreement is expected to be concluded soon.

Ties elevated to special strategic partnership

 

After holding talks with Prime Minister Netanyahu, Modi said both sides decided to give new momentum to bilateral engagement.

 

“We decided to give time-tested India-Israel ties the status of special strategic partnership,” he said.

 

He added that the relationship rests on institutional trust and common principles.

 

“The India-Israel relationship is founded on the strong bedrock of deep trust, shared democratic values, and human sensitivities,” he said.

Cooperation in civil nuclear energy and space

The Prime Minister said India and Israel will work together in the fields of civil nuclear energy and space.

 

He said both countries agreed to expand collaboration in these areas as part of broader strategic cooperation.

Stand on terrorism

Modi said both countries maintain a clear and consistent position against terrorism.

 

“India and Israel stood shoulder-to-shoulder in opposing terrorism and its supporters, and we will continue to do so,” he said.

 

“India and Israel are completely clear that there is no place for terrorism in the world,” he added.

PM Modi pushes for peace in West Asia

Referring to developments in Gaza, the Prime Minister said efforts towards peace have created a path forward. “A path to peace has been created through the Gaza Peace Plan; India has fully supported these efforts,” he said.

 

He reiterated India’s position on conflict. “India’s stance is clear: humanity must never become a victim of conflict,” he said.

 

He added that India’s security interests are linked to peace and stability in the Middle East. “India’s security interest is linked to peace and stability in the Middle East,” he said. 

India, Israel sign MoUs on AI, cybersecurity, trade

India and Israel signed a wide-ranging set of agreements and Memoranda of Understanding (MoUs) spanning strategic, technological, and economic cooperation. 

 

The key pacts included a cultural exchange MoU, the establishment of an India-Israel Innovation Centre for Agriculture, and agreements covering geophysical exploration, fisheries and aquaculture, and the joint development of the National Maritime Heritage Complex at Lothal. 

 

The two sides also advanced collaboration in emerging domains through a Declaration of Intent on horizon scanning and an MoU on artificial intelligence, alongside an agreement to promote AI-driven initiatives in education.

 

On the economic and regulatory front, implementation protocols were concluded across commerce, services, manufacturing, and restaurant sectors. 

 

Additional highlights included a Letter of Intent to set up a Cyber Centre of Excellence, an MoU linking digital payments systems between NPCI and Israel’s Masav, a commercial arbitration pact, and a regulatory cooperation MoU between the International Financial Services Centres Authority (IFSCA) and the Israel Securities Authority.