A delegation from Israel is expected to visit India in January to hold free trade agreement (FTA) talks in a push to strengthen the bilateral economic ties.
This is seen as a next step after a November officials meeting that culminated in the signing of a Terms of Reference agreement to formally launch FTA negotiations.
Its terms include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services.
India and Israel are considering implementing the proposed FTA in two phases to ensure early benefits for the trade community of both countries.
The FTA would mean a phased elimination of most tariffs and would benefit both countries, IDEX Online reported. Diamonds are already traded with either no or low tariffs between India and Israel, but an FTA would streamline customs, documentation, certification and other barriers.
India and Israel traded almost $1 billion of diamonds in FY 2024 - 2025. The total volume of bilateral trade stood at $3.62 billion.
Theodor Lisovoy, Managing Editor, Rough&Polished
