India, Israel sign terms of reference for free trade agreement: Piyush Goyal

Union commerce minister Piyush Goyal today said India and Israel have signed terms of reference for a free trade agreement (FTA). Goyal, who is on a three-day official visit to Israel between November 20 – 22, said the proposed FTA between both the nations will have the potential to unlock immense opportunities in the field of defence, cyber security and infrastructure.

  “The first step towards India - Israel free trade agreement has been initiated today. We have signed terms of reference for a free trade agreement. India, Israel relations are full of complementary possibilities,” Goyal said.  

“Even the challenges both nations face are of a similar nature. This can be a new beginning. There could possibility be a good agreement for commerce and trade unlocking mega opportunities at a large scale,” he added.

On the possibilities of the proposed India – Israel FTA, Goyal said while addressing India – Israel CEO Forum in Tel Aviv, “There is scope for leveraging our defence partnership, our cyber security partnership. There is huge potential for software, fintech, smart mobility, and our work together in electronics, in promoting modern food processing to support the needs of 1.4 billion Indians.”

“We can look at the precision farming that you have been very successful at. We can learn and take those technologies back to India to increase our farmers’ income through higher productivity and better efficiency,” Goyal added.

“We are looking at the work you have done in the desert region in adverse climate conditions and see that as a potential learning area for India. As well as working with you to provide food security for your people,” he added.

Goyal said India can offer its expertise to Israel in infrastructure, especially metro. “Infrastructure is another area on which we have had meetings today. For example, in case of the upcoming $50 billion Tel Aviv metro project, we believe India has the skill sets to offer as we have metros in 23 cities in India. World’s largest ramp up of metro systems is happening in India as we speak,” Goyal added.  

“The visit underscores the growing strategic and economic engagement between India and Israel and reflects the shared commitment of both countries to deepen bilateral cooperation across trade, technology, innovation and investment,” union commerce ministry said in a release on Wednesday. Goyal is accompanied by a 60-member business delegation, facilitated by CII, FICCI, Assocham and Start-up India, the ministry said.

“The minister will also meet senior leaders from major Israeli companies in fields such as agriculture, desalination and waste water treatment, cyber security, smart mobility, infrastructure among others, and interact with prominent Israeli investors,” the release said.