India Delays Trade Deals With Israel and GCC

Commerce and Industry Minister Piyush Goyal announced that India plans to finalize free trade agreements with Israel and the Gulf Cooperation Council once stability returns to the Middle East. Speaking at the annual session of the Automotive Component Manufacturers Association of India, Goyal stated the deals would be sealed "as soon as things stabilize over there."

Negotiations with Israel were originally expected to conclude following Prime Minister Narendra Modi's February visit to Jerusalem. However, a war involving the United States, Israel, and Iran disrupted global supply chains and delayed the process. India imports nearly 90% of its crude oil and is currently working to diversify export markets and secure resilient supply chains for critical minerals.

This strategy follows recent trade agreements with the United Kingdom, European Union, Oman, and New Zealand. To further protect its resource access, India is partnering with the United States on the Pax Silica initiative. U.S. Ambassador to India Sergio Gor confirmed India's early invitation to the initiative, stating it is "because we trust India" and "because we want to work with India."