Unlocking Opportunities: How the Proposed Israel FTA Will Boost Bilateral Trade and Investment, According to Piyush Goyal

India and Israel are moving forward with a free trade agreement (FTA) aimed at boosting their trade relations. Commerce Minister Piyush Goyal recently emphasized that this agreement will enhance cooperation in innovation and research, leading to significant investment growth between the two nations.

This is Goyal’s first visit to Israel in 20 years, and he expressed optimism about strengthening ties between both countries. He highlighted that India and Israel have a unique ability to turn challenges into opportunities. Goyal noted that new Labor Codes in India reflect ongoing efforts to improve conditions for workers while promoting industry and trade.

During his visit, Goyal met with the vibrant Indian community in Israel and discussed how crucial people-to-people connections are for deepening bilateral relations. He urged the Indian diaspora to contribute to India’s development goals while recognizing the Jewish community’s role in fostering ties with India.

Both countries are eager to finalize the FTA’s first phase so that businesses can start benefiting from it sooner. According to recent statistics, trade between India and Israel reached about $5 billion in 2022, a figure that is expected to rise significantly with the new agreement in place.

In his discussions, Goyal focused on enhancing collaboration in key areas like agriculture, technology, and trade. This reflects a broader strategic partnership between India and Israel, which has been growing over the years based on shared interests.

Looking back, the relationship has evolved significantly since the establishment of diplomatic ties in 1992. Initially focused on defense and technology, the partnership now includes diverse sectors such as agriculture, water management, and clean energy.

For a deeper understanding of their evolving relationship, check out [this report by the World Bank](https://www.worldbank.org/en/country/israel/overview) outlining economic data and forecasts.

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