With India and Israel setting in motion the process for free trade agreement (FTA) negotiations, the trade pact will be a stepping stone to our shared prosperity, Commerce and Industry Minister Piyush Goyal has said.

After signing the Terms of Reference (ToR) with Israel's Minister of Economy and Industry, Nir Barkat, in Tel Aviv to guide the negotiations for a FTA between India and Israel, Goyal said it is the first crucial step towards facilitating talks to “conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance our trade, economic, and strategic partnership”.

“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 stressed, adding that “we remain committed to leveraging each other's complementarities to deliver a mutually beneficial outcome for both sides”.

Goyal also addressed the India-Israel CEOs Forum along with Barkat. The forum saw active participation and discussions by CEOs of both countries as India and Israel look to deepen strategic partnership in various sectors of their respective economies.

“With the two sides setting in motion the process for FTA negotiations, highlighted our synergies in the fields of agriculture, water, healthcare, defence, infrastructure, digital economy, clean energy, advanced manufacturing and high-tech innovation,” said Goyal.

He also attended a Gala hosted by Barkat, bringing together leading business associations and trade bodies from both countries.

“Encouraged by the shared commitment to expanding bilateral trade and investment. Interacted with prominent members of the Indian diamond merchant community in Israel. Appreciated their role in strengthening India-Israel commercial ties and discussed ways to enhance bilateral trade in the gems and jewellery sector,” the minister posted on X.