An Israeli delegation led by Finance Minister Bezalel Smotrich has signed a Bilateral Investment Agreement (BIA) with India on Monday, aimed at expanding trade ties. 

The agreement was signed in New Delhi by India’s Finance Minister Nirmala Sitharaman and Smotrich. 

Smotrich is joined by the ministry’s chief economist, Shmuel Abramzon, and other senior officials, including accountant General Yali Rothenberg and Director-General Ilan Rom, as well as Israel Securities Authority Chairman Seffy Singer, the Times of Israel has reported. 

Smotrich is also expected to meet with business representatives and representatives of the Jewish community in India.

In July, the two nations pledged to strengthen military ties. India is the world’s largest importer of Israeli weapons and Delhi is also emerging as a major co-producer of Israeli weapons.