Piyush Goyal calls India-Israel FTA ‘stepping stone’ to shared prosperity | WATCH

Tel Aviv: Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the forthcoming India–Israel Free Trade Agreement (FTA) would serve as a “stepping stone” to greater prosperity for both nations, as he highlighted growing opportunities for Indian companies in Israel’s infrastructure landscape.

Goyal, who is leading a 60-member business delegation to Israel, said India’s technical expertise could be deployed for Israel’s metro project. “India-Israel FTA will be a stepping stone to our shared prosperity. India’s skills can be leveraged by Israel for its metro project in Tel Aviv,” he said in a post on X.

Earlier in the day, Goyal announced that he had signed the Terms of Reference (ToR) with Nir Barkat, Israel’s Minister of Economy and Industry, formally launching negotiations for the bilateral trade pact.

“Together with Nir Barkat… I signed the Terms of Reference (ToR) to guide the negotiations for a free trade agreement (FTA) between India and Israel today. This is the first crucial step towards facilitating talks to conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance our trade, economic, and strategic partnership,” he wrote.

He added that both sides aim to expand bilateral trade while identifying new areas of cooperation. “Our joint aim is to diversify and enhance bilateral trade, creating a larger market by identifying new areas of cooperation while addressing sensitivities across various sectors. We remain committed to leveraging each other's complementarities to deliver a mutually beneficial outcome for both sides.”

During his visit, Goyal also met Gaby Miodownik, CEO of Netafim, to discuss collaboration in agriculture and water-management technologies. “Reviewed the group’s work in India and identified avenues to expand partnership in precision irrigation, agri-tech, and sustainable farming solutions,” he posted.

He further held discussions with Itamar Ben Meir, CEO of NTA–Metropolitan Mass Transit System Ltd, exploring opportunities for Indian firms in Israel’s upcoming metro projects. “Discussed potential opportunities for Indian companies in Israel’s upcoming metro projects and ways to strengthen cooperation in urban mobility and infrastructure,” Goyal said.

Goyal will travel to Jerusalem on Friday as part of his ongoing visit aimed at boosting bilateral trade, investment, and strategic economic cooperation.