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. This information was given in an official statement on Wednesday.
Goyal will lead a 60-member business delegation to Israel. There he will discuss with leaders and business people on ways to promote bilateral trade, investment and innovation.
What did the Commerce Minister say?
This yatra will conclude on 22nd November. 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. So far eight rounds of talks have taken place.
Both countries had agreed to resume talks in October 2021. During the financial year 2024-25, India’s exports to that country decreased by 52 percent to $ 2.14 billion from $ 4.52 billion in 2023-24 and imports also decreased by 26.2 percent to $ 1.48 billion.
India is a big partner
India is Israel’s second largest trading partner in Asia. Bilateral trade mainly involves diamonds, petroleum products and chemicals, but recent years have also seen growth in sectors such as electronic machinery and high technology products, communication systems and medical devices.
Major export items from India to Israel include pearls and precious stones, motor vehicles 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 Israel’s Industry Minister Nir Barkat. Apart from his Israeli counterpart, he is also expected to meet some other ministers. He will meet senior executives of leading Israeli companies in sectors such as agriculture, waste water treatment, cyber security, ‘smart mobility’, infrastructure etc. and interact with leading Israeli investors. The two countries had signed a Bilateral Investment Agreement (BIA) in September.
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