Bilateral trade to grow, investment to surge with proposed Israel FTA: Piyush Goyal

New Delhi, Nov 23 As India and Israel aim to implement the proposed free trade agreement (FTA) in two phases, the bilateral trade will increase and there will be improvement in the mutual relations in innovation, research and development, Commerce and Industry Minister Piyush Goyal has said.

He said that the visit to Israel as Commerce Minister after 20 years has been very successful.

“I hope that after this visit, bilateral trade between India and Israel will increase, there will be improvement in our mutual relations in innovation, research and development, and going forward, there will also be a significant surge in investment between the two countries,” the minister said in Jerusalem.

He further added that both the countries are keen to finalise the first phase of the FTA early so that trade community benefits sooner.

“India and Israel know how to convert a crisis into an opportunity,” said the minister, adding that the four Labour Codes notified in India are part of the continuous process towards transforming “our procedures to encourage our workers, trade, industry and businesses”.

Goyal also addressed the vibrant Indian community in Israel, alongside his counterpart Nir Barkat, at a special gathering in Jerusalem.

“Highlighted the strong bond between India and Israel and how the Indian community in Israel and the Jewish community in India play a vital role in ensuring the growth of people-to-people ties,” said Goyal in a post on X.

He called upon the Indian diaspora to further contribute towards the journey to Viksit Bharat as both sides work towards realising the full potential of this partnership.

Goyal earlier visited the Indian Hospice in Jerusalem, saying “It is a living symbol of Bharat's historic, cultural, and spiritual ties with Jerusalem and a display of 'Vasudhaiva Kutumbakam' in action”.

His meetings focused on expanding cooperation in agriculture, technology, innovation, trade and investment -- reflecting the growing strategic alignment between the two nations.

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