India’s Commerce Ministry officials are set to meet with Israeli counterparts in January for bilateral trade discussions. The upcoming talks will focus on the framework and gateway issues as part of pre-round negotiations. In November, the terms of reference for a Free Trade Agreement (FTA) between India and Israel were finalized, paving the way for further negotiations between the two countries.
India’s Commerce Minister Piyush Goyal and Israel’s Economy Minister Nir Barkat formally initiated negotiations by signing the terms of reference document in Tel Aviv. This agreement aims to enhance trade, investment, and collaboration in technology, defense, and agriculture sectors. The negotiations will be guided by these terms of reference to establish a comprehensive FTA, strengthening economic relations and facilitating market access.
Following the discussions with Israel, India’s trade negotiating team is expected to visit Russia for a second round of talks regarding the India-Eurasian Economic Union (EAEU) free trade agreement. The EAEU, comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, promotes the free movement of goods, services, capital, and labor to enhance economic integration and competitiveness among its members through unified customs and policies.
Russia has already eased import regulations for Indian marine products and plans to further relax norms to facilitate increased shipments. The trade discussions will primarily focus on addressing non-tariff barriers hindering the export of Indian goods to the EAEU bloc. Indian exporters currently encounter regulatory complexities due to overlapping rules from Russia, EAEU, and Europe, which India aims to streamline for better clarity in export regulations.
India and Russia are working towards expanding trade cooperation beyond the energy sector, with a target of achieving $100 billion in trade by 2030. Both countries are concentrating on eliminating trade obstacles and improving connectivity to facilitate smoother commerce.
