The first round of negotiations for the India-Israel Free Trade Agreement (FTA) concluded successfully in New Delhi today. During the four-day negotiations, both countries engaged in discussions covering a wide range of areas, including trade in goods and services, rules of origin, technical barriers to trade, customs procedures, intellectual property rights, digital trade, and other key chapters.
The discussions were conducted in a constructive and forward-looking manner, with both sides reaffirming their objective of negotiating a comprehensive, balanced, and mutually beneficial agreement.
The Terms of Reference for the FTA were signed in November last year, establishing a structured framework for discussions on identified areas to enhance trade and economic cooperation.
Prime Minister Narendra Modi, while addressing a Special Plenary of the Knesset in Jerusalem yesterday, called for the early finalisation of an ambitious Free Trade Agreement to realize the untapped trade potential between the two countries.
On Tuesday, Union Minister of Commerce and Industry Piyush Goyal met the visiting Israeli delegation and emphasised that both sides should work closely to unlock new opportunities in trade, innovation, and growth, thereby further strengthening the valued partnership between the two countries. He encouraged both sides to strive towards a modern, comprehensive, and future-ready trade agreement.
Both sides have agreed to continue virtual engagements. The next round of in-person negotiations will be held in Israel in May this year.
Bilateral merchandise trade between the two countries stood at approximately $3.62 billion in the Financial Year 2024-25.