India puts Israel, Gulf trade talks on hold; speeds up deals with Canada, Mexico and others

Commerce and Industry Minister Piyush Goyal has said that India's proposed trade agreements with Israel and the Gulf Cooperation Council (GCC) remain on hold due to continuing uncertainty in West Asia.

Speaking at the India-Greece Business Forum in Athens, Goyal said India has, meanwhile, finalised the Terms of Reference (ToR) for a proposed trade agreement with Mexico and is in advanced negotiations with Canada.

He added that India is also actively negotiating trade agreements with Chile, the Southern African Customs Union (SACU), the Eurasian Economic Union (EAEU) and the MERCOSUR trade bloc.

During his visit, Goyal met Greece's Minister of Development, Takis Theodorikakos, to discuss expanding bilateral cooperation in trade, investment, manufacturing, industrial partnerships and resilient supply chains. The two sides also explored opportunities to deepen collaboration in start-ups and emerging technologies.

The minister also held talks with Greece's Deputy Foreign Minister Haris Theoharis on strengthening trade and investment ties, enhancing maritime and connectivity partnerships, and exploring cooperation in new and emerging sectors.

Goyal is leading a high-level Indian business delegation to Greece, where members are participating in presentations and start-up pitches at the Athens Startup Business Incubator (THEA) to promote cross-border innovation and investment partnerships.

India's exports to Greece stood at $1.19 billion in 2024, while imports from Greece were valued at $170 million. Both countries are targeting a doubling of bilateral trade by 2030, with an India-European Union free trade agreement expected to provide an additional boost.

The delegation will also hold roundtable discussions with Indian and Greek industry leaders at the Athens Chamber of Commerce and Industry, focusing on sectors including infrastructure, digitalisation, defence, food and agriculture. It will also visit Greek companies to explore partnerships in advanced manufacturing and technology-driven industries.

The update suggests India is continuing to diversify its trade negotiations despite geopolitical disruptions, with New Delhi accelerating talks across North America, Latin America, Africa and Europe even as discussions with West Asian partners remain stalled.