India and Israel sign terms of reference to guide free trade agreement negotiations

Commerce Minister Piyush Goyal and Israeli Minister of Economy and Industry Nir Barkat on Thursday (November 20, 2025) signed the Terms of Reference that would guide negotiations on a Free Trade Agreement (FTA) between the two countries.

“This is the first crucial step towards facilitating talks to conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance our trade, economic, and strategic partnership,” Mr. Goyal posted on X late Thursday (November 20, 2025) evening.

Mr. Goyal is in Israel until November 22, along with a 60-member business delegation, to discuss ways to deepen and broaden bilateral trade between India and Israel.

“Our joint aim is to diversify and enhance bilateral trade, creating a larger market by identifying new areas of cooperation while addressing sensitivities across various sectors,” Mr. Goyal said. “We remain committed to leveraging each other’s complementarities to deliver a mutually beneficial outcome for both sides.”

So far, Mr. Goyal has held bilateral meetings with Mr. Barkat as well as with Israel’s Minister of Finance Bezalel Smotrich. The Commerce Minister has also held meetings with the heads of several Israeli businesses and also addressed the India-Israel CEOs Forum.