India-Israel free trade talks kick off in Delhi ahead of PM Modi's visit to Israel
India Today
Ahead of PM Modi's visit to Israel on Wednesday, India and Israel began the first round of negotiations for a proposed Free Trade Agreement in New Delhi.
India and Israel on Tuesday launched the first round of negotiations for a proposed Free Trade Agreement (FTA), marking a significant step towards deepening their economic partnership ahead of Prime Minister Narendra Modi’s visit to the West Asian nation.
Union Commerce and Industry Minister Piyush Goyal met an Israeli delegation visiting India for the negotiations and described the discussions as an important milestone in enhancing bilateral economic ties. In a post on X, Goyal said the negotiations in New Delhi were aimed at creating greater opportunities for businesses and people in both countries.
"The FTA negotiations mark an important step towards enhancing India-Israel bilateral trade & economic cooperation, aimed at creating greater opportunities for businesses and people on both sides," he said.
Trade and technical experts from both countries are holding detailed sessions covering a wide range of issues, including trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, customs procedures and trade facilitation, and intellectual property rights, according to sources.
Nir Barkat, the Minister of Economy and Industry of Israel, hailed the development, and said that "we are on the way to a breakthrough that creates great new opportunities between our countries and will serve as a powerful growth engine for the economies of Israel and India."
Prime Minister Narendra Modi is set to arrive in Israel later today for a two-day visit, during which he will hold bilateral talks with his Israeli counterpart Benjamin Netanyahu on a wide range of issues. Defence and security cooperation are expected to feature high on the agenda, along with discussions on trade, agriculture, and collaboration in science and technology.
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Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.
At around 10:47 am, the BSE Sensex was down 750.68 points or 0.96% at 77,455.30, while the Nifty 50 slipped 208.25 points or 0.86% to 24,053.35.
Air India said the fuel surcharge is due to the sharp rise in aviation turbine fuel (ATF) prices since early March 2026, triggered by supply disruptions in the Gulf region.