CURRENT AFFAIRS

Detailed explanation-1: -India and Israel will resume negotiations on a free trade agreement (FTA) from November with the intention of signing the long-pending pact by June 2022, external affairs minister S Jaishankar and his Israeli counterpart Yair Lapid said on Monday.

Detailed explanation-2: -Australia ratifies FTA with India The IndAus ECTA is one step closer to coming into effect after the Australian parliament approved the trade agreement with India on November 22. The two sides had signed the Economic Cooperation and Trade Agreement on April 2 this year.

Detailed explanation-3: -India continues to be a ‘focus’ country for the Israeli Government’s increased trade efforts. India and Israel have restarted negotiations for the Free Trade Agreement (FTA) with an aim to conclude it in 2022.

Detailed explanation-4: -India formally recognised Israel on September 17, 1950. Soon thereafter, the Jewish Agency established an immigration office in Bombay. This was later converted into a Trade Office and subsequently into a Consulate. Embassies were opened in 1992 when full diplomatic relations were established.

Detailed explanation-5: -According to official U.K. government data, India-U.K. bilateral trade currently stands at around 29.6 billion pounds a year. Both sides formally launched FTA negotiations in January last year with former prime minister Boris Johnson announcing a Diwali deadline for its conclusion.