New Delhi, November 21 (IANS). Negotiations on Free Trade Agreement (FTA) have started between India and Israel and through the trade agreement, the government’s effort is to advance the country’s trade and economy, this information was given by Commerce and Industry Minister Piyush Goyal.
The Union Minister also signed a Term of Reference (TOR) in Tel Aviv with Israeli Economy and Industry Minister Nir Barkat, which will guide the ongoing FTA negotiations between the two.
Goyal said that this is the first but very important step towards a balanced and mutually beneficial FTA between the two countries. This will boost our trade, economy and strategic partnership.
“Our common objective is to diversify and enhance mutual trade, create a larger market by identifying new areas of cooperation, and address the shortcomings in individual sectors,” Goyal said.
“We are committed to leveraging each other’s strengths to deliver mutually beneficial outcomes for both parties,” he added.
Goyal also addressed the India-Israel CEO Forum along with Barkat. CEOs of both the countries participated in the forum.
“Both sides initiated the process to negotiate an FTA, highlighting our synergy in the sectors of agriculture, water, healthcare, defence, infrastructure, digital economy, clean energy, advanced manufacturing and high-tech innovation,” Goyal said.
He also attended a gala organized by Barakat, which brought together major business associations and trade bodies from both countries.
“Enthused by the shared commitment to enhance bilateral trade and investment. Interacted with renowned members of the Indian Diamond Merchant Community in Israel. Appreciated their role in strengthening India-Israel commercial ties and discussed ways to enhance bilateral trade in the gems and jewelery sector,” the Union Minister posted on Twitter.
–IANS
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