Israeli Minister of Economy and Industry, MK Nir Barkat expressed his enthusiasm for strengthening Israel’s economic and trade relations with India on Tuesday, although he did not provide a clear timeline for finalising the free trade agreement (FTA). “We are moving in that direction,” said Barkat, while speaking to the media on the sidelines of the Israel-India Business Summit 2025, organised in New Delhi.
The two countries have been engaged in FTA talks since 2010, with the first round of negotiations taking place in New Delhi in May 2010. Although the goal was to finalise the agreement by mid-2022, the negotiations are still underway.
Barkat also emphasised the vast opportunities that the economic partnership between India and Israel offers for Israeli companies, especially in strategic areas such as agri-tech, renewable energy, and advanced manufacturing.
“I was here in December. We discussed the huge global opportunity that India and Israel have together. Geopolitics makes Israel very close to the US, but also very close to India. Israel is tiny, but we’re very innovative, and the skill sets of Israeli entrepreneurs and innovation and the ability to scale the large scope of business in India make a classic match. I am leading the biggest-ever delegation from Israel to any country in the world here in India. The delegation is warmly accepted, and we are discussing how to do better and more business together,” he said.
Barkat expressed strong optimism, stating, “I am confident that we will be able to find a solution, scale the economies, and make the lives of both Indians and Israelis much, much better in the future,” said Barkat.
Barkat also extended an invitation for more Indian professionals to work in Israel. “We want to collaborate. The joint ventures are endless. Whatever the business community needs, our goal as government is to see that happen,” he said.
Barkat also highlighted Israel’s commitment to providing a secure environment for international business and investment. “Israel is practically one of the safest places to do business. We know how to win wars; we know how to secure our residents. You know, due to the war in Ukraine, five million Ukrainians left Ukraine. In Syria, eight million Syrians left the country. However, 100,000 Israelis came back to fight. We have people coming back to Israel, not leaving. And, we are very, very proud and happy to do a lot of business with India,” said Barkat.
Reuven Azar, Israel’s Ambassador to India, praised Israeli business leaders for their resilience and support during the ongoing conflict in the Middle East. He acknowledged their vital contributions to Israel’s war effort, which have been pivotal in maintaining the country’s economic growth during difficult times.
Azar reiterated Israel’s commitment to establishing the India-Middle East-Europe Economic Corridor (IMEC), a groundbreaking project aimed at transforming trade dynamics between India, the Middle East, and Europe.
Meanwhile, India’s Minister of Commerce & Industry, Piyush Goyal, emphasised the country’s developmental journey and economic growth while also highlighting the enduring strategic partnership between India and Israel. He noted that both nations can greatly benefit from each other’s expertise in key sectors, such as agri-tech, finance and emerging technology.
The summit is organised by the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce and Industry, and the Government of India in collaboration with the Embassy of Israel and the Confederation of Indian Industry (CII).
