Tel Aviv [Israel], November 20 (ANI): India and Israel have formally signed the Terms of Reference (ToR) to begin negotiations for a Free Trade Agreement (FTA), marking a major step toward strengthening economic ties between the two countries.
The signing ceremony in Tel Aviv was attended by India’s Minister of Commerce and Industry, Piyush Goyal, and Israel’s Minister of Economy and Industry, Nir Barkat. Speaking at the event, Minister Goyal confirmed that both nations have agreed to commence negotiations for a comprehensive FTA, emphasizing that the proposed agreement would significantly enhance bilateral economic engagement.
According to Goyal, the FTA will expand market access and facilitate the flow of capital, investment, and trade in both goods and services. He added that the agreement would help remove barriers to doing business while providing clarity, predictability, and stability to the economic partnership.
The minister noted that the two strategic partners, bound by longstanding ties, are “destined to bigger achievements and greater friendship.” Highlighting the complementarity between the two economies, Goyal said, “We are two countries which really don’t compete with each other, which open the doors to products, goods, services, and investments, where we act as a force multiplier for both countries, and we are ambitious to finalize a win-win, fair, equitable, and balanced free trade agreement between our two democracies.”
Goyal also underscored India’s strength in innovation, pointing to its strong intellectual property rights regime and its status as the world’s third-largest startup ecosystem. He noted India’s increasing focus on deep-tech sectors such as artificial intelligence, quantum computing, and machine learning, along with the rapid expansion of data infrastructure nationwide.
The launch of FTA negotiations is expected to enhance cooperation in technology, innovation, trade, and investment, further deepening the strategic partnership between India and Israel. (ANI)
About The Author
