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.

Also Read | Shilpa Rao Gets Emotional As Singer Comes Home to Ranchi for Jharkhand's 25th Foundation Day.

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.

Also Read | 'Sounds of Kumbh': Siddhant Bhatia Shares Why Grammy Nod for His Album Is Landmark Moment for Indian Spiritual Music.

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)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)