Trade negotiators from India and Israel concluded the first round of negotiations for a free trade agreement (FTA), here today.Separately Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu, at a bilateral meeting in Israel, announced a slew of measures, including a possible faster digital payment system to strengthen economic ties.A joint statement that followed the Modi-Netanyahu meet asserted their commitment for the realisation of the FTA between the two countries and tasked the negotiating teams to expedite the negotiations for an early signing of the agreement.The two Prime Ministers welcomed the signing of the Terms of Reference (ToR) for the FTA agreement negotiations and the convening of the first round in New Delhi.Both leaders emphasised the importance of unlocking the full potential of bilateral trade and investment.Netanyahu appreciated India’s fintech revolution, exemplified by the Unified Payments Interface (UPI), which is a model for affordable, real-time cross-border transactions.Both sides agreed to explore linking UPI with Israel’s fast payment system to enhance interoperability and strengthen economic ties. An MoU was signed between NPCI International and MASAV for cooperation in order to examine linkages between NPCI and MASAV for cross-border payments between the countries.“The two welcomed the launch of the India-Israel Financial Dialogue to boost closer financial cooperation,” the statement said. The two sides also welcomed the strategic partnership in the financial-cyber domain.Furthermore, both leaders encouraged more Indian participation in the infrastructure sector of Israel, particularly in light of major upcoming projects in Israel in the sectors of metro, rail, road, airports, desalination plants, waste-water treatment plants, etc.The two leaders welcomed the conclusion of the 4th round of India-Israel CEOs Forum and Business Summit in Tel Aviv in November 2025. They commended the meaningful engagement between business and government leaders, which contributed to strengthening bilateral economic cooperation and unlocking new opportunities for investment and collaboration across key sectors.Both leaders reaffirmed their commitment to building on this positive momentum to further deepen the India-Israel strategic partnership. They also welcomed the signing of the MoU on Arbitration between Indian Council of Arbitration (ICA) and Israeli Institute of Commercial Arbitration (IICA) recognising it as a significant step toward facilitating smoother commercial dispute resolution and enhancing investor confidence.