Goyal mentioned innovation and R&D as key drivers for future collaboration, noting that joint projects will be developed to combine Israel’s technological strengths with India’s scale and skilled workforce. India, he said, can offer “youthful, talented manpower” to support Israeli industry, while Israeli firms can leverage India as a platform for large-scale investment.
During the visit, aimed at shaping a broader strategic and economic partnership, Goyal met Israel’s Finance Minister to explore a joint protocol to promote bilateral trade in goods and services. He is also scheduled to meet senior Israeli leadership to chart the next phase of cooperation.
On November 20, India and Israel signed the Terms of Reference (ToR) to begin formal negotiations for the proposed FTA. The two countries had earlier held eight rounds of talks between May 2010 and October 2021. The new agreement is expected to include market access, progressive tariff elimination, faster approvals and reduced non-tariff barriers.
Upcoming discussions will span investment, customs simplification, defence, space, fintech, agri-tech, AI, cybersecurity, innovation, R&D and drip irrigation. Goyal said the services sector stands to gain significantly — particularly IT, BPOs and tourism — and that an FTA could create a “bridge” for Indian professionals to work in Israel.
The minister said 8–10 companies have been shortlisted for the ₹4.5 lakh crore Tel Aviv metro project, with pre-qualification interest notices already issued.
Israel’s Economy Minister Nir Barkat has projected a ten-fold jump in bilateral trade after the FTA is finalised. Goyal, meanwhile, expects trade to rise to $30–40 billion over the next five years, saying that Israeli companies increasingly view India as a major investment hub for serving markets across Asia.
