New Delhi: India and Israel signed a Bilateral Investment Agreement (BIA) in New Delhi, even as international criticism intensifies over Israel’s ongoing assault on Gaza. The deal was formalized by India’s Finance Minister Nirmala Sitharaman and Israeli Finance Minister Bezalel Smotrich, who faces global sanctions for endorsing violence against Palestinians.
The Finance Ministry said the agreement aims to enhance bilateral investments, currently valued at around USD 800 million. It is expected to create new opportunities in trade and economic cooperation.
Smotrich, a far-right leader, has been condemned for remarks viewed as genocidal. In 2024, the Palestinian Foreign Ministry urged the International Criminal Court to prosecute him after he said starving Palestinians might be “justified and moral.” Several countries, including the UK, Canada, Australia, New Zealand, and Norway, have sanctioned Smotrich and Israel’s National Security Minister Itamar Ben-Gvir.
At the signing, Sitharaman stressed the importance of stronger business ties and mutual cooperation. She also expressed condolences for lives lost in a recent attack in Israel, calling India and Israel partners with “shared civilizational ethos.” Smotrich highlighted collaboration in cybersecurity, defence, and technology, while both ministers reiterated their commitment to countering terrorism.
The pact comes as Israel faces accusations of genocide in Gaza. International monitors report over 64,500 Palestinians killed and more than 163,000 injured since October 2023.
Spain has imposed an arms embargo and travel bans on Israeli officials. Other nations, including Canada, Belgium, Turkey, and Japan, have suspended arms sales. Twelve Global South states are preparing embargoes and trade restrictions under new international initiatives.
India’s decision places it at odds with global efforts to isolate Israel diplomatically and economically.
