New Delhi [India], September 10 (ANI): India and Israel are on their way to sign a new trade agreement in the near future, and negotiations in this regard are underway, Shmuel Abramzon, Chief Economist, Ministry of Finance, Israel, said on Wednesday.

'We signed an investment agreement, and the next step would be a trade deal sometime. India hasn't announced yet. We started the negotiations. There are relationships between the two, and hopefully, it will materialise in the near future,' Abramzon told ANI on the sidelines of FICCI LEADS 2025.

Israel's Minister of Finance, Bezalel Smotrich, who was in India, and India's Finance Minister, Nirmala Sitharaman, signed a Bilateral Investment Agreement (BIA) in New Delhi on Monday.

'Diplomatic and trade relations are wonderful between India and Israel and are showing very positive trends,' Shmuel Abramzon said.

According to Abramzon, it reflects the commitments of both nations in trade and commerce.

Talking about Trump's trade tariffs, the Chief Economist said that both Israel and India are dealing with these complicated issues.

'We both experience higher tariffs, and I believe this issue will be resolved. I have trust in the bonds of the US with Israel and India,' Abramzon said.

Given the strong bond between India and the United States, as well as between the Israeli leadership and US President Donald Trump, he said that things will settle down over time.

'I think we should wait and be patient. It will be okay,' he said.

'Excellent cooperation is seen between India and Israel in terms of trade and commerce, and is likely to continue,' he said.

Showing solidarity with India's semiconductor mission, he said that Israel is not a big manufacturer of semiconductors. 'It is more on the research and development side,' Abramzon said.

'Any advancement in the production of semiconductors is much welcomed by Israel,' he said. (ANI)