Commerce and Industry Minister Piyush Goyal is expected to review the progress of the proposed India-Israel Free Trade Agreement (FTA) during his three-day visit to Tel Aviv this week.
Commerce Minister's visit to Israel, major progress may be made on free trade agreement
India Israel FTA Review: Commerce and Industry Minister Piyush Goyal is expected to review the progress of the proposed India-Israel Free Trade Agreement (FTA) during his three-day visit to Tel Aviv this week, an official statement said on Wednesday.
Goyal will lead a 60-member business delegation to Israel where he will discuss ways to boost bilateral trade, investment and innovation with leaders and business leaders.
What did the Commerce Minister say?
The visit will conclude on November 22. The Commerce Ministry said, "Progress on the proposed India-Israel Free Trade Agreement (FTA) may also be reviewed." India and Israel have been negotiating this agreement since May 2010. Eight rounds of talks have taken place so far.
The two countries had agreed to resume talks in October 2021. During the financial year 2024-25, India's exports to that country declined by 52 per cent to $2.14 billion from $4.52 billion in 2023-24, and imports also declined by 26.2 per cent to $1.48 billion.
India is a major partner
India is Israel's second-largest trading partner in Asia. Bilateral trade primarily consists of diamonds, petroleum products, and chemicals, but recent years have also seen growth in sectors such as electronic machinery and high-tech products, communication systems, and medical equipment.
Major export items from India to Israel include pearls and precious stones, motor vehicle diesel, chemical and mineral products, machinery and electrical equipment, plastics, textiles, apparel, base metals and transport equipment and agricultural products.
Goyal will also hold talks with Israeli Industry Minister Nir Barkat. He is expected to meet with his Israeli counterpart and several other ministers. He will meet senior executives from leading Israeli companies in sectors such as agriculture, wastewater treatment, cybersecurity, smart mobility, infrastructure, and other sectors, and will interact with prominent Israeli investors. The two countries signed a Bilateral Investment Agreement (BIA) in September.
