Union Commerce and Industry Minister Piyush Goyal has said, India and Israel are considering implementing their proposed free trade agreement (FTA) in two phases to ensure early benefits for the trade community of both countries. The Minister said, they may come out with the first phase of an FTA, so that they can kickstart the benefits faster. Mr Goyal said, India is emerging as a trusted friend and a reliable partner of the world. 

 

            

India and Israel on Thursday inked terms of reference to formally launch negotiations for the agreement. The terms of reference 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.