Tel Aviv [Israel], November 23 : Union Commerrce Minister Piyush Goyal has said that there is a clear indication that India and Israel might finish the first phase of their proposed free trade agreement (FTA) before moving to the whole deal in a second phase.
Goyal, while speaking to ANI, said, "There is a possibility that we may finalise the first phase of the FTA first and finalise the entire FTA in two phases," adding that the details would emerge as discussions continued.
He said there was "a lot of enthusiasm" during his talks with Israeli ministers. According to him, Israel's agriculture minister showed interest in joining hands with India on technology in farming. Goyal said Israel's expertise in drip irrigation and its progress in agriculture, even with "limited land, limited funds, and limited water," offered lessons India could learn from. He explained that this experience could help both countries grow together.
Goyal also said he spoke with Israel's finance minister, who expressed satisfaction that the bilateral investment treaty had been completed. "We also spoke with their finance minister. He expressed satisfaction that the bilateral investment treaty has now been executed between the two countries, and I believe this marks the beginning of a new era of trade relations," he told ANI.
Earlier, Goyal said his November 20-22 visit to Israel was "very successful," noting that government leaders and industry representatives there showed strong interest in working more closely with India. He added that this meeting had built a strong base for the next steps in trade discussions between the two nations.
He explained that the two countries were now stepping into structured talks after agreeing on the Terms of Reference that would guide the negotiations.
Goyal stressed that this step showed the commitment of both governments to deepen economic ties and explore new areas of cooperation.
"It was a very successful three-day visit to Israel. There is a great deal of enthusiasm in the industry and the government to further strengthen relations with India. As a result, we finalised and signed the Terms of Reference, which will now begin negotiations for a free trade agreement," Piyush Goyal told reporters.