Prime Minister Narendra Modi on Thursday announced, during his visit to Israel, that the country has agreed to adopt India's UPI for digital transactions. He also stated that India and Israel are close to finalising a mutually beneficial Free Trade Agreement. 

The Prime Minister added that India will soon give a final shape to a mutually beneficial free trade agreement with Israel.

PM Modi is concluding his two-day visit to the Middle East country today. He also spoke about the much-anticipated defence cooperation push. He said that the two countries will also pursue joint development, production, and transfer of technology in defence.

Several MoUs and agreements signed

During the PM's visit, two countries signed multiple agreements and Memoranda of Understanding (MoUs) across multiple sectors covering AI, cybersecurity, education and other sectors.

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The MoUs reflect the growing strategic, technological, and economic partnership between the two countries.

Among several memorandums, a cultural exchange MoU and an MoU establishing the India-Israel Innovation Centre for Agriculture were signed by External Affairs Minister S Jaishankar and Israeli Foreign Minister Gideon Saar.

An MoU in geophysical exploration was also signed between the two countries. Moreover, an agreement was inked for the development of the National Maritime Heritage Complex in Lothal.

Peace in West Asia linked to India's security, says PM Modi

Emphasising a need for "peace and stability" in the Middle East, the PM underscored that it is directly linked to India's security during his bilateral discussions with Israeli Prime Minister Benjamin Netanyahu on the India-Middle East-Europe Economic Corridor (IMEC) and the India-Israel-UAE-USA (I2U2) initiatives.

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"Today we also had extensive discussions on regional and global issues. While promoting regional connectivity, we will move forward with new momentum on the India-Middle East-Europe Economic Corridor (IMEC) and India-Israel-UAE-USA, i.e., I2U2," PM Modi said.

(With inputs from agencies)