Piyush Goyal mentioned ongoing discussions with Oman, the European Union, the US, Chile, Peru, and New Zealand, and said many more countries are eager to build closer trade ties with India
Union Minister Piyush Goyal said, India is the fastest-growing large economy, contributing 16 per cent to global growth. File Pic
India is actively negotiating trade agreements with several countries, including the United States, said Commerce and Industry Minister Piyush Goyal on Friday. He also expressed confidence that India's exports in 2025–26 will be higher than last year's record, reported the PTI.
Speaking at the BT India @100 event, Goyal highlighted the global interest in trading with India. He mentioned ongoing discussions with Oman, the European Union, the US, Chile, Peru, and New Zealand, and said many more countries are eager to build closer trade ties with India.
"Today, the world recognises India's strength," Goyal said.
"With a population of 1.4 billion, we offer huge demand and a massive domestic market. That’s why so many countries want better access to the Indian market," he said, according to the PTI.
India's total exports (goods and services) in 2024–25 reached USD 825 billion.
Goyal said he expects this figure to be surpassed in the current financial year.
On the India-US trade agreement, he confirmed that talks are progressing. A US team will visit India on August 25 for the next round of discussions. The talks are important as the US has imposed 50 per cent tariffs on Indian goods -- with 25 per cent already in effect from August 7 and the rest due from August 27.
India has recently signed trade deals with countries like the UAE, Mauritius, Australia, the UK, and EFTA (European Free Trade Association).
Responding to concerns over tariffs and trade challenges, Goyal said that he does not believe in the idea of de-globalisation. Instead, he sees it as a time of change, where countries are reshaping trade routes and partnerships.
He also rejected criticism of the Indian economy, including past remarks by Donald Trump, who had called India a "dead economy".
Goyal said, “India is the fastest-growing large economy, contributing 16 per cent to global growth.”
Goyal also addressed concerns over the India-UK trade agreement, especially on Scotch whisky and government procurement. He stated that there are no major issues, and Indian businesses are also gaining access to the UK’s markets.
On Opposition leader Rahul Gandhi’s criticism of the economy and elections, Goyal dismissed them as “unfortunate” and “absurd”, adding that India’s Election Commission is respected worldwide for holding free and fair elections, as per the PTI.
He concluded by saying, “India always finds opportunity in a crisis. Our morale is high, and we are confident that the nation will continue to grow stronger,” the news agency reported.
(with PTI inputs)
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