India and Israel on Thursday finalised the terms of reference for a free trade agreement to cement commercial ties between the close strategic allies. The FTA will be a force multiplier in India-Israel relations, said Commerce Minister Piyush Goyal in Tel Aviv.
He met Israeli Finance Minister Bezalel Yoel Smotrich and discussed advancing bilateral trade and investment cooperation and tapping emerging opportunities.
The 60-member delegation features some of India’s biggest names like Mahindra, Amul, Asian Paints, as well as startups and companies across pharma, agritech, defence, construction and e-commerce.
The FTA talks first began in May 2010 and have seen eight rounds so far, with negotiations formally revived in October 2021.
Trade between the two nations stood at $6.5 billion in FY24, though India’s exports to Israel dipped 52% in 2024-25 to $2.14 billion, while imports fell 26.2% to $1.48 billion.
(This is a developing story. More updates will follow.)
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