India and Israel have signed the Terms of Reference (ToR) to initiate negotiations for a Free Trade Agreement (FTA) in Tel Aviv, marking a major step toward deepening bilateral economic cooperation. The Terms of Reference were signed by Union Commerce and Industry Minister Piyush Goyal and Israel’s Economy and Industry Minister Nir Barkat. Speaking on the occasion, Piyush Goyal said that both countries had agreed to begin work on a comprehensive FTA, a move aimed at reshaping bilateral trade and investment. He said that this is the first crucial step towards facilitating talks to conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance trade, economic, and strategic partnerships. He added that the proposed agreement will open the doors to greater market access, flow of capital, investments and trade both in goods and services.