Union Minister Piyush Goyal
India’s Commerce Minister Piyush Goyal said on Thursday that India has intensified efforts to strengthen its trade relations with major economies. Several Free Trade Agreements (FTAs) have already been implemented and negotiations are underway with key partners like the US, EU, Oman. The minister stressed that India has made successful trade deals with developed countries like Australia, UAE, EFTA and has also signed an agreement with the United Kingdom.
The Union Minister said that in the last three years we have signed FTAs with many developed countries. Currently active negotiations are going on with America, EU, Chile, Peru, New Zealand and Oman. He further said that this clearly shows that India has become a preferred destination for investment and bilateral trade.
deal with brazil
Piyush Goyal confirmed that there were talks with Brazilian authorities to expand the existing preferential trade agreement to increase India’s presence in the South America market. He said that we discussed taking PTA beyond the current level, so that in future we can make deeper entry into South American markets.
An official Indian delegation is engaged in the latest round of talks with US trade officials in Washington, which will continue till October 17. In February, both countries ordered their teams to work towards a proposed Bilateral Trade Agreement (BTA), with the target of finalizing the first phase by the fall of 2025. So far 5 rounds of talks have been completed. Goyal had led an official visit to New York last month for trade discussions. These talks are crucial to restore momentum in bilateral relations that have been strained by the Trump Administration’s heavy tariffs.
The US has imposed 50% tariffs on Indian goods, including an additional 25% duty linked to Russian crude oil imports. India has called them “unfair, unreasonable and illogical”. Indian industry is also concerned about Washington’s revised H1B visa policy. But the recent phone talks between PM Narendra Modi and President Donald Trump have revived optimism that ongoing negotiations can result in a mutually beneficial deal. Bilateral trade is on the rise
talk on bilateral trade
In September, US Trade Representative for South and Central Asia Brendan Lynch held consultations with Indian officials in New Delhi. Both sides agreed to accelerate efforts for quick and balanced closure of the proposed agreement. The goal of the agreement is to double bilateral trade from the current $191 billion to $500 billion by 2030. In the financial year 2024-25, the US remained India’s top trading partner for the fourth consecutive year, with a total trade of $131.84 billion, including $86.5 billion exports. The US accounts for about 18% of India’s total goods exports, 6.22% of imports and 10.73% of overall trade. Despite this, India’s trade exports to the US fell by 11.93% to $5.46 billion in September, while imports from the US rose by 11.78% to $3.98 billion, according to commerce ministry data. With multiple FTAs and high-level talks, India’s trade diplomacy is positioning the country as a central player in the emerging global trade scenario.