Tel Aviv [Israel], November 21 (ANI): Union Minister of Commerce and Industry, Piyush Goyal, said on Thursday that the India-Israel Free Trade Agreement (FTA) will be a 'stepping stone' to the prosperity of both nations.

Goyal said that India's skills can be used by Israel for its metro project.

'India-Israel FTA will be a stepping stone to our shared prosperity. India's skills can be leveraged by Israel for its metro project in Tel Aviv,' Goyal said.

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In a post on X, Goyal said, 'Together with Nir Barkat, Minister of Economy and Industry of Israel, I signed the Terms of Reference (ToR) to guide the negotiations for a free trade agreement (FTA) between India and Israel today. This is the first crucial step towards facilitating talks to conclude a balanced, comprehensive, and mutually beneficial FTA to strengthen and enhance our trade, economic, and strategic partnership.'

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'Our joint aim is to diversify and enhance bilateral trade, creating a larger market by identifying new areas of cooperation while addressing sensitivities across various sectors. We remain committed to leveraging each other's complementarities to deliver a mutually beneficial outcome for both sides,' he added.

Earlier, Goyal said that he met Gaby Miodownik, CEO of Netafim in Israel.

Talking about the meeting, he said in a post on X, 'Pleased to meet Mr. Gaby Miodownik, CEO of Netafim in Israel. Reviewed the group's work in India and identified avenues to expand partnership in precision irrigation, agri-tech, and sustainable farming solutions.'

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Goyal also discussed potential opportunities for Indian companies in Israel's upcoming metro projects with Itamar Ben Meir, CEO of NTA-Metropolitan Mass Transit System Ltd.

In a post on X, he said, 'Met Mr. Itamar Ben Meir, CEO of NTA - Metropolitan Mass Transit System Ltd. Discussed potential opportunities for Indian companies in Israel's upcoming metro projects and ways to strengthen cooperation in urban mobility and infrastructure.'

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India and Israel signed the Terms of Reference for negotiations for a Free Trade Agreement on Thursday. Goyal also held a bilateral meeting with Nir Barkat, Israel's Minister of Economy and Industry in Tel Aviv.

Goyal is leading a 60-member business delegation to Israel, where he is scheduled to meet top leadership and industry representatives to explore ways to boost bilateral trade and investments.

Goyal will travel to Jerusalem on Friday as part of his ongoing visit to further strengthen bilateral economic ties. (ANI)