New Delhi: India and Israel have formally signed the Terms of Reference (ToR) to initiate negotiations for a Free Trade Agreement (FTA), signaling a major step in strengthening bilateral economic relations. The signing ceremony took place in Tel Aviv with India’s Commerce and Industry Minister Piyush Goyal and Israel’s Minister of Economy and Industry Nir Barkat in attendance.
Minister Goyal confirmed that both countries have agreed to commence comprehensive FTA negotiations aimed at expanding trade and investment flows. He said the agreement would enhance market access, facilitate capital movement, and promote trade in goods and services while providing clarity, predictability, and stability for businesses in both nations.
Highlighting the strategic complementarity between the two economies, Goyal said, “We are two countries which do not compete but complement each other, opening doors for products, services, and investments. We are committed to finalizing a fair, balanced, and mutually beneficial free trade agreement.”
Goyal also underscored India’s growing strengths in innovation, intellectual property protection, and its position as the world’s third-largest startup ecosystem. He noted India’s focus on advanced technology sectors, including artificial intelligence, quantum computing, and machine learning, alongside the development of robust data infrastructure.
The launch of these FTA talks is expected to deepen cooperation in trade, technology, and investment, reinforcing the longstanding strategic partnership between India and Israel.
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