New Delhi, 23 November (H.S.): India and Israel are considering a two-phase implementation for their proposed Free Trade Agreement (FTA) to deliver swift benefits to the business communities of both nations, Union Commerce and Industry Minister Piyush Goyal announced on Sunday. The strategy aims to prioritize areas of quick consensus while setting aside more sensitive issues for later discussion.
Speaking from Israel, where he is leading a 60-member business delegation, Goyal stated that a final decision on the phased approach will be made when formal talks begin. Both ministers are keen to finalise the first phase early so that the trade community benefits sooner, he said, referring to himself and his Israeli counterpart, Minister of Economy and Industry Nir Barkat.
The initial phase will likely focus on joint projects in innovation and R&D, leveraging Israeli expertise and India's large market scale.The visit follows the signing of the Terms of Reference (ToR) on Thursday, which formally launched the negotiations. The ToR outlines key areas for discussion, including market access for goods, reduction of tariffs and non-tariff barriers, investment facilitation, simplified customs procedures, and enhanced cooperation in technology transfer and services trade.
During a special meeting in Jerusalem, Goyal addressed the vibrant Indian community in Israel, emphasizing the strong bilateral ties and the crucial role played by the diaspora in strengthening people-to-people connections. He called upon the Indian diaspora to further contribute to the Viksit Bharat (Developed India) journey as both countries work to realize the full potential of their partnership.
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Hindusthan Samachar / Jun Sarkar
