"Together with Nir Barkat, Minister of Economy and Industry of Israel, 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,"
"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,"
India and Israel signed Terms of Reference to restart negotiations on a free trade agreement and begin structured talks. The framework covers market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, cooperation in innovation and technology transfer, and eased norms to promote trade in services. The negotiations aim to diversify and expand bilateral trade, create a larger market by identifying new cooperation areas, and address sensitivities across sectors. Eight prior rounds of talks had been held. Bilateral trade rose from about $200 million in 1992 to $10.77 billion in 2022–23 and later declined by roughly two-thirds due to regional security tensions and shipping disruptions. India is Israel’s second-largest trade partner in Asia and seventh-largest globally.
Read at www.dw.com
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