NEW DELHI — Commerce and Industry Minister Piyush Goyal said Friday that India’s newly launched free trade agreement (FTA) negotiations with Israel will serve as a key step toward expanding bilateral trade and strengthening the two nations’ economic and strategic partnership.
Goyal, who signed the Terms of Reference (ToR) in Tel Aviv with Israel’s Minister of Economy and Industry, Nir Barkat, said the agreement marks the “first crucial step” toward negotiating a balanced and mutually beneficial trade pact. The ToR will guide the structure and scope of discussions in the months ahead.
“Our joint aim is to diversify and enhance bilateral trade, creating a larger market by identifying new areas of cooperation while addressing sensitivities across various sectors,” Goyal said. He added that both nations are committed to leveraging their complementarities to deliver an outcome beneficial to each side.
Goyal and Barkat also addressed the India–Israel CEOs Forum, where business leaders from both countries discussed opportunities for deeper cooperation. Goyal said the two nations share strong synergies in agriculture, water management, healthcare, defence, infrastructure, the digital economy, clean energy, advanced manufacturing and high-tech innovation.
Later, Goyal attended a gala hosted by Barkat that brought together leading business associations and trade bodies from both nations. He also met members of the Indian diamond merchant community based in Israel, praising their role in strengthening India–Israel commercial ties and discussing ways to boost trade in the gems and jewellery sector.
“We remain encouraged by the shared commitment to expanding bilateral trade and investment,” Goyal posted on X after the event. (Source: IANS)
