India, Israel May Soon Seal First Phase Of Free Trade Agreement? Piyush Goyal Shares Big Update

Union Commerce Minister Piyush Goyal has indicated that India and Israel may complete the first phase of their proposed free trade agreement (FTA) before moving on to finalise the full deal in a second phase.

Speaking to ANI, Goyal said, “There is a possibility that we may finalise the first phase of the FTA first and finalise the entire FTA in two phases,” noting that further clarity would come as discussions progress.

He added that his meetings with Israeli ministers were marked by “a lot of enthusiasm.” According to Goyal, Israel’s agriculture minister expressed interest in collaborating with India on farming technology. He said Israel’s strengths in drip irrigation and its advancements in agriculture, despite “limited land, limited funds, and limited water,” provide valuable insights for India. Goyal noted that such shared expertise could support growth for both nations.

Goyal also said he spoke with Israel’s finance minister, who expressed satisfaction that the bilateral investment treaty had been completed. “We also spoke with their finance minister. He expressed satisfaction that the bilateral investment treaty has now been executed between the two countries, and I believe this marks the beginning of a new era of trade relations,” he told ANI.

Earlier, Goyal said his November 20-22 visit to Israel was “very successful,” noting that government leaders and industry representatives there showed strong interest in working more closely with India. He added that this meeting had built a strong base for the next steps in trade discussions between the two nations.

He explained that the two countries were now stepping into structured talks after agreeing on the Terms of Reference that would guide the negotiations.
Goyal stressed that this step showed the commitment of both governments to deepen economic ties and explore new areas of cooperation.

“It was a very successful three-day visit to Israel. There is a great deal of enthusiasm in the industry and the government to further strengthen relations with India. As a result, we finalised and signed the Terms of Reference, which will now begin negotiations for a free trade agreement,” Piyush Goyal told reporters.

With inputs from ANI

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