Piyush Goyal hails win-win, equitable FTA as India and Israel launch negotiations

The India-Israel Business Summit in Tel Aviv marked a significant step in strengthening bilateral relations, with wide-ranging discussions on trade, investment, technology collaboration, innovation, and long-term strategic cooperation. Union Commerce and Industry Minister Piyush Goyal met Israeli Minister of Economy and Industry Nir Barkat, and the two sides formally signed the Terms of Reference to launch negotiations on a long-awaited Free Trade Agreement. Goyal described the proposed FTA as a win-win, fair and equitable framework that would provide clarity, stability and predictability for businesses in both countries while respecting the economic sensitivities of each side.

Building on the economic agenda, Goyal outlined future cooperation across multiple high-growth sectors, including fintech, agritech, machine learning, quantum computing, pharmaceuticals, defence, space and advanced manufacturing. He highlighted India’s emergence as a global innovation powerhouse, citing its strong intellectual property framework, rapidly expanding deep-tech ecosystem and status as the world’s third-largest startup hub. He also pointed to opportunities for Indian companies to contribute to major Israeli infrastructure projects, including the development of the Tel Aviv metro, and said closer industry partnerships would unlock new investment and research opportunities.

During the summit and bilateral meetings, Goyal also addressed shared security concerns, stressing that India and Israel must work together to eliminate terrorism. He referred to the October 7 Hamas attacks in Israel and praised the resilience of the Israeli people, while drawing parallels with India’s long experience of cross-border terrorism and attacks in regions such as Kashmir. He said both nations have suffered from violent extremism and therefore share a natural alignment in their commitment to counter-terror cooperation and regional stability.

Goyal said the relationship between India and Israel is rooted not only in shared strategic interests but also in a strong emotional and people-to-people bond, despite their geographical distance. He noted that trust built over decades has created a foundation for a deeper partnership that extends beyond trade into security, innovation and global challenges. In their discussions, both sides agreed the FTA should serve as a catalyst for diversifying trade and creating durable frameworks for long-term collaboration.

Leading a delegation of around sixty Indian business leaders from major industry bodies such as CII, FICCI, Assocham and Start-up India, Goyal is also participating in CEO-level dialogues, business-to-business meetings and visits to Israel’s innovation and infrastructure hubs. He is scheduled to travel to Jerusalem for further high-level engagements aimed at strengthening economic and strategic coordination. He concluded that the FTA negotiations represent not just a trade milestone but a broader commitment to building a secure, innovation-driven and mutually beneficial partnership for the future.