India eyes global trade expansion: FTAs underway with US, EU, and more

India is actively negotiating Free Trade Agreements (FTAs) with multiple countries including the US, EU, Oman, Chile, Peru, and New Zealand, Commerce Minister Piyush Goyal said during the BT India @100 event. With India now the world’s fourth-largest economy, Goyal affirmed that the nation is on track to become the third-largest.

New Delhi: India is negotiating trade pacts with several countries, including the US, Commerce Minister Piyush Goyal said on Friday, adding that today, the world recognises the strengths of the country.

Speaking at an event here, Goyal said several countries are keen to engage with India on the trade front.

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“We are in dialogue with many countries — the US, Oman, the European Union, Chile, Peru and New Zealand. Many others want to start engaging with India,” he told the gathering at the BT India @100 event.

“The whole world recognises us as the fastest growing large economy. We are contributing 16 per cent in the global growth, our macro economic fundamentals are the best,” the minister added.

Addressing the Parliament recently, Goyal said the country will take all necessary steps to protect national interest while negotiating trade deals with countries, as US President Donald Trump imposted fresh tariffs.

According to the Commerce Minister, international agencies look at India as the bright spot in the world economy.

“India has signed mutually beneficial FTAs with the UAE, the UK, Australia and the EFTA nations. We want to achieve such FTAs with more countries,” said Goyal, adding that India, through its reforms and MSMEs and industry’s efforts, is currently the 4th largest economy and will soon become the third-largest economy.

“We are constantly working towards protecting and promoting our farmers. The government is confident of achieving Viksit Bharat goals. India is progressing towards ‘Make in India’ with self-confidence,” the minister said.

According to the minister, India and the US decided to talk over a mutually-beneficial trade deal aimed to be completed by the fall of this year.

India has signed 13 FTAs with its trading partners. The country is currently negotiating the following FTAs with its trading partners: India-EU FTA, India Australia Comprehensive Economic Cooperation Agreement (CECA), India-Peru Trade Agreement, covering goods, services and investment, India-Sri Lanka Economic and Technical Cooperation Agreement (ETCA) and India-Oman FTA.