India and Israeli teams are expected to meet in January on the proposed free trade agreement (FTA), an official said on Wednesday.
In November, the two countries inked terms of reference to formally start negotiations for the agreement, which were aimed at boosting bilateral trade and investments. The official said that issues related to structuring of Israel-India FTA are expected to be chalked out in the January meeting. Trade representatives from Israel are expected to arrive for talks, the official added.
During 2024-25, India's exports to Israel dipped 52 per cent to USD 2.14 billion from USD 4.52 billion in 2023-24. Imports, too, fell 26.2 per cent to USD 1.48 billion last fiscal year. The bilateral trade stood at USD 3.62 billion.
India is Israel's second-largest trading partner in Asia. Though bilateral merchandise trade is dominated mainly by diamonds, petroleum products and chemicals, recent years have witnessed an increase in trade in areas such as electronic machinery and high-tech products, communications systems and medical equipment.
Major exports from India to Israel include pearls and precious stones, automotive diesel, chemical and mineral products, machinery and electrical equipment, plastics, textiles, apparel, base metals and transport equipment, apart from agricultural products.
Imports include pearls and precious stones, chemical and mineral/fertiliser products, machinery and electrical equipment, petroleum oils, defence, machinery and transport equipment.
Also read: India-Israel FTA should focus on strategic sectors: GTRI
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