According to Commerce and Industry Minister Piyush Goyal, India and Israel have started the process of negotiating a free trade agreement (FTA), which will be a first step toward our shared prosperity.

Key Highlights

• India and Israel signed Terms of Reference to start FTA talks, calling it a historic economic step.
• The proposed trade deal aims to deepen cooperation across agriculture, digital economy, defense, and advanced manufacturing.

Goyal stated that the signing of the Terms of Reference (ToR) in Tel Aviv with Israel's Minister of Economy and Industry, Nir Barkat, to direct the negotiations for an FTA between India and Israel is a critical first step in facilitating discussions to "conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance our trade, economic, and strategic partnership."

"Our shared goal is to diversify and improve bilateral trade, expanding the market by finding new areas of collaboration while addressing sensitivities across various sectors. We remain committed to leveraging each other's complementarities to deliver a mutually beneficial outcome for both sides," Goyal emphasized.

Goyal and Barkat both spoke at the India-Israel CEOs Forum. CEOs from Israel and India actively participated in the meeting and engaged in discussions as they seek to strengthen their strategic alliance across a range of economic sectors.

Goyal stated, "With the two sides initiating the FTA negotiations process, highlighted our synergies in the fields of agriculture, water, healthcare, defense, infrastructure, digital economy, clean energy, advanced manufacturing, and high-tech innovation."

Also Read: Piyush Goyal to Visit Israel for High-Level Trade Talks

Additionally, he went to a Barkat-hosted gala that brought together top trade organizations and business associations from both nations.

"Inspired by the mutual dedication to growing bilateral investment and trade." spoke with well-known Indian diamond traders in Israel. The minister wrote on X that he "appreciated their role in strengthening India-Israel commercial ties and discussed ways to enhance bilateral trade in the gems and jewellery sector."