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Trade and connectivity are set to take centre stage as India and Israel explore ways to elevate their economic partnership, with fresh momentum around the proposed India-Middle East-Europe Economic Corridor (IMEC) during PM Modi' visit to Israel which gets underway on Wednesday.
Israel is considered a pivotal link in the ambitious corridor, which aims to connect India to Europe through the Middle East via integrated shipping and rail networks. The discussions come amid a broader push to strengthen bilateral trade and move closer to finalising a long-pending free trade agreement (FTA) between the two countries. In an interview to Doordshan India, Indian Ambassador to Israel J P Singh highlighted the expectation of the upcoming engagement in the domain of trade and connectivity. Responding to a question on expectations surrounding IMEC and broader economic cooperation, Singh said, "I think this is one area where there will be discussion during this visit, how to improve trade and commerce. And when we say trade and commerce, last year our commerce and industry minister, Piyush Goyal, also visited Israel. During that visit, he came along with a very big delegation, around 70-member business delegation, CEO and, you know, business forum meetings took place." India's Commerce and Industry Minister, Piyush Goyal, led a large business delegation to Israel last year, signalling strong intent from New Delhi to accelerate commercial engagement. According to Singh, the visit marked a key milestone in formalizing the trade agenda between the two nations. "During that visit, both the countries signed the terms of reference for free trade agreement. And you will be happy to know that as we speak today, the delegation from both the sides are meeting in Delhi to take forward negotiations on free trade agreement," Singh said. Officials confirmed that negotiators are currently in New Delhi working to advance the FTA framework. The agreement, once concluded, is expected to lower trade barriers, enhance market access, and promote investment flows across sectors including technology, agriculture, defense, and services. The anticipated meeting between Prime Minister Narendra Modi and his Israeli counterpart, Benjamin Netanyahu, is expected to provide political direction to the negotiations. Singh expressed optimism about tangible outcomes from the high-level engagement. "And I think during this visit, both the Prime Ministers are going to set a roadmap, a target, how to sign free trade agreement at the earliest possible," he added. Beyond the FTA, the IMEC initiative is seen as a transformative connectivity project that could reshape regional supply chains. With Israel positioned as a strategic transit and logistics hub, progress on the corridor could significantly enhance trade efficiency between India and European markets. As discussions unfold, both governments appear keen to convert diplomatic goodwill into measurable economic gains, reinforcing a partnership that has steadily expanded in scope and ambition over the past decade. (ANI)
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