Jerusalem, 23 November, 2025 (TPS-IL) — India’s Minister of commerce and Industry Piyush Goyal concluded a three-day visit to Israel on Sunday with meetings with both Prime Minister Benjamin Netanyahu and President Isaac Herzog.
“Israel and India are strengthening our strategic partnership, more investments, more innovation, and a strong economic corridor from India through Israel to Europe. Together we are building economic power,” Netanyahu tweeted afterwards.
Goyal briefed Netanyahu on the outcomes of the India-Israel Business Forum and CEOs Forum, which brought more than 60 Indian business leaders to Israel. The two also discussed negotiations for a Free Trade Agreement, which were officially resumed on Thursday with the signing of a Memorandum of Understanding (MOU).
Earlier, Goyal met President Isaac Herzog, who welcomed the progress toward a deeper economic relationship. “I’m especially happy that you’re here to sign an MOU… the sky’s the limit. We have to work hard on it, but I think we are like-minded in so many things,” Herzog told Goyal. He added: “The impact of India and the affection towards India in Israel is outstanding… I think the relations are excellent, but we can even upgrade them more.”
During the meeting, Goyal conveyed “the warm greetings of the people of India” and highlighted the strong outcomes from the Business Forum and CEOs Forum, describing them as the “first big step” toward FTA talks. He emphasized India’s “robust growth story” and expanding opportunities for Israeli companies in innovation, technology, manufacturing, agriculture, and investment.
Goyal led a delegation of around 100 representatives from nearly 70 Indian companies, India’s largest ever trade delegation to Israel.
India, the world’s fifth-largest economy with a population of roughly 1.4 billion, is a strategic destination for Israeli exports. Exports of Israeli goods and services to India reached about $3.1 billion in 2024, growing 56% over four years despite regional conflicts. A free trade agreement is expected to reduce high tariffs and trade barriers while also addressing digital trade, services, intellectual property, government procurement, and other areas essential for deepening cooperation.
On Friday, Goyal met Agriculture and Food Security Minister Avi Dichter, who outlined Israel’s 25-year food-security roadmap, its advanced seed-improvement capabilities, and world-leading water-reuse technologies. A day earlier, Goyal met his Israeli counterpart, Nir Barkat, to review trade flows and identify new areas of collaboration. Goyal later posted that their discussions covered “the full spectrum of our strategic partnership… and the first big step towards FTA negotiations.”
Both countries reaffirmed their commitment to advancing FTA negotiations and accelerating cooperation in investment, technology, and industrial innovation. Bilateral trade, which stood at $200 million in 1992, reached a peak of $10.7 billion in 2022-23 (excluding defence).
Since the outbreak of the October 7 war, Israeli-Indian trade declined as airlines cut back on flights to Tel Aviv and Iran-backed Houthis in Yemen disrupted international shipping in the Red Sea.
Israel and India signed a bilateral investment agreement in September, which Israeli officials hailed as the first of its kind between India and a Western-oriented member of the Organisation for Economic Co-operation and Development (OECD).
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