New Delhi [India], February 26 (ANI): India and Israel concluded the first round of negotiations for the India-Israel Free Trade Agreement (FTA) on Thursday.

Prime Minister Narendra Modi, who was on a two-day State Visit to Israel, while addressing a Special Plenary of the Knesset in Jerusalem on Wednesday, had called for early finalisation of an ambitious Free Trade Agreement to realise the untapped trade potential between the two countries.

The first round of negotiations for the India-Israel Free Trade Agreement (FTA) was held from 23 to 26 February 2026 in New Delhi.

The Terms of Reference (ToR) were signed in November 2025, establishing a structured framework for discussions on identified areas to enhance trade and economic cooperation.

Union Minister of Commerce and Industry, Piyush Goyal, also met the visiting Israeli delegation and emphasised that both sides should work closely to unlock new opportunities in trade, innovation, and growth, thereby further strengthening the valued partnership between the two countries.

He encouraged both sides to strive towards a modern, comprehensive, and future-ready trade agreement.

During the four-day negotiations, both countries engaged in discussions covering a wide range of areas, including trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, customs procedures, intellectual property rights, digital trade, and other key chapters.

Discussions were held in a constructive and forward-looking manner, with both sides reaffirming their objective of negotiating a comprehensive, balanced, and mutually beneficial agreement. Both sides also agreed to continue inter-sessional engagements virtually. The next round of in-person negotiations will be held in May 2026 in Israel.

As per the information shared by the Ministry of Commerce & Industry, the bilateral merchandise trade between the two countries stood at approximately USD 3.62 billion in FY 2024-25.

The proposed FTA offers a valuable opportunity to enhance trade flows by providing a stable and predictable framework for businesses in both India and Israel.

Both sides noted the untapped potential in key sectors, including machinery, chemicals, textiles, agriculture, medical devices, and advanced technologies.

The successful conclusion of the first round reflects a shared commitment to deepen economic partnership and create new opportunities for stakeholders. (ANI)