India and Israel sign 7 Agreements
India and Israel have signed 7 agreements on areas including space, tech and agriculture during the visit of Prime Minister Narendra Modi to Israel. Prime Minister Narendra Modi will be the first Indian Prime Minister to visit Israel. Also, Prime Minister Narendra Modi’s visit marks the 25 years of establishment of diplomatic relationship between India and Israel.
In the joint statement released after talks between India and Israel, both the countries have called for taking strong measures against terror organisations and also against those who encouraged, supported and financed terrorism.
- MoU for setting up of India-Israel Industrial R&D & Technological Innovation Fund (I4F)
- MoU for conservation of water in India
- MoU on State Water Utility Reform in India
- India-Israel Development Cooperation- 3-year work program in Agriculture (2018-2020)
- Plan of cooperation regarding cooperation in atomic clocks
- MoU regarding cooperation in GEO-LEO optical link.
- MoU regarding cooperation in electric propulsion for small satellites.
The diplomatic relationship between India and Israel was established in 1992. India is Israel’s topmost destination for arms export. India is already buying an average of $1 billion per year in military equipment. For India, Israel is the third largest source of arms after the US and Russia with a share of 7.2% between 2012 and 2016.
The earliest India-Israel defence collaboration took place during the 1962 Sino-Indian war when Israel provided military aid to India. Israel also helped India during its two wars with Pakistan in 1965 and 1971. India reciprocated by helping Israel during the six-day war in 1967 by supplying spare parts for French-made Mystere and Ouragan aircraft as well as AX-13 tanks.
In April 2017, India and Israel had signed a $2 billion deal for an advanced medium-range surface-to-air missile system which will be helpful for the Indian army to shoot down aircraft, missiles and drones etc.
Israel is India’s 38th-largest trading partner with the trade balance standing in India’s favour in 2016-17.
Month: Current Affairs - July, 2017