India and Israel have signed the Terms of Reference for a free trade agreement in Tel Aviv. Commerce Minister Piyush Goyal and Israeli Economy Minister Nir Barkat finalized the framework. The agreement aims to expand trade, increase investment, and strengthen bilateral economic ties.
Under the agreement, both nations will remove tariff and non-tariff barriers. They will also simplify rules for services trade and promote investment facilitation. Furthermore, technology transfer and cooperation will see significant improvement.
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Piyush Goyal said the framework will reshape trade between India and Israel. He emphasized that businesses will gain new opportunities, and investment flows will become smoother. The minister highlighted that innovation and technology collaboration will further enhance growth.
Minister Barkat called India a rising global power with potential to become a major world economy. He stated that closer economic ties will benefit industries, technology sectors, and service providers. Both ministers praised the long-term strategic partnership.
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India is currently Israel’s second-largest trading partner in Asia. The new framework is expected to increase trade volumes, attract investment, and deepen cooperation. Experts say the agreement could also enhance regional economic influence.