Tel Aviv [Israel], November 20 (ANI): India and Israel have formally signed the Terms of Reference (ToR) to begin negotiations for a Free Trade Agreement (FTA), marking a significant step toward strengthening economic ties between the two countries.

The signing ceremony was attended by India's Minister of Commerce and Industry, Piyush Goyal and Israel's Minister of Economy and Industry Nir Barkat in Tel Aviv.

Speaking at the event, Minister Goyal confirmed that both nations have agreed to commence negotiations for a comprehensive FTA.

He emphasised that the proposed agreement would substantially enhance bilateral economic engagement.

According to Goyal, the FTA will open the doors to greater market access, flow of capital, investments and trade, both in goods and services.

He added that the agreement would help remove obstacles to doing business, provide clarity, predictability and stability to our economic engagement.

The minister stated that both the strategic partners with longstanding ties are 'destined to bigger achievements and greater friendship.'

Goyal highlighted the complementarity of the two economies, stating, 'We are two countries which really don't compete with each other, which open the doors to products, goods, services and investments, where we act as a force multiplier for both countries, and we are ambitious to finalize a win, win, fair, equitable and balanced free trade agreement between our two democracies.'

Underscoring India's strength in innovation, Goyal pointed to the country's robust intellectual property rights regime and its position as the world's third-largest startup ecosystem.

He noted India's growing focus on deep-tech sectors such as artificial intelligence, quantum computing, and machine learning, along with the expansion of data infrastructure across the nation.

The launch of FTA talks is expected to boost cooperation across technology, innovation, trade, and investment, further deepening the strategic partnership between India and Israel. (ANI)