Israel officially renewed free trade talks with India, signing a Memorandum of Understanding (MOU) on Thursday to strengthen existing economic ties between the two nations.
A delegation of over 100 representatives from India, headed by India's Minister of Commerce and Industry, Piyush Goyal, visited Israel for the first time to discuss the deal.
Israel and India have been negotiating a free trade agreement for 15 years, with the renewed initiative under development for the past few months.
Minister of Economy and Industry, Nir Barkat, called the move a “strategic achievement that strengthens the Israeli economy and creates tremendous opportunities for our exporters and industrialists,” emphasizing the “immense potential for cooperation” between the two nations.
The strengthened ties are intended to generate new jobs for Israelis and encourage growth and innovation, according to Minister Barkat.
Goyal referred to the cooperation as a “match made in heaven,” congratulating Minister Barkat on the negotiations. “Together with the investment agreements already signed on both sides, we will open the markets together for movements with goods, different services, and investments. We are aiming for a fair agreement, wide and good for both sides.”
According to the press release, Israeli exports of goods and services to India rose by 56% over the past four years, reaching approximately 3.1 billion dollars in 2024.
Strengthening Israeli-Indian ties
This comes amid a recent push to strengthen Israeli-Indian ties across the board.
In early November, the two nations signed a major defense MOU.
On September 8, Israel and India also signed a bilateral investment agreement to protect mutual investments and expand trade and financial cooperation.
Yonah Jeremy Bob and Pesach Benson contributed to this report.