Is Piyush Goyal Optimistic About India’s Export Growth Amid Ongoing Trade Talks?
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Synopsis
Piyush Goyal announced India's exports have surged 6% in the first five months of the financial year, with ongoing trade discussions with multiple nations. He expressed confidence in a positive year-end while highlighting the significance of the India-UAE FTA and upcoming investments. Stay updated on India's thriving trade landscape!
Key Takeaways
- India's exports are up by 6% this financial year.
- Ongoing trade talks are with multiple countries.
- The India-UAE FTA is the fastest-growing globally.
- Investment opportunities are being explored in various sectors.
- The CEPA has significantly boosted bilateral trade.
Mumbai, Sep 17 (NationPress) The Minister of Commerce and Industry, Piyush Goyal, announced on Wednesday that India's exports have achieved a remarkable 6 percent growth in the first five months of this financial year, expressing optimism that the year will conclude positively.
Goyal stated, "Regarding exports, I have consistently emphasized that India's exports witness growth annually, and this year is no exception. Currently, we are observing a growth rate of approximately 6 percent compared to the same five months last year. I am distinctly confident that we will finish the year on a positive note," he remarked.
He further disclosed, "Negotiations are underway with the United States, the European Union, New Zealand, Chile, Peru, Oman, and numerous other nations."
Goyal also highlighted, "The India-UAE FTA is the fastest-growing free trade agreement globally. We launched, negotiated, finalized, and signed it in just 88 days. Since its inception, our exports to the UAE have been escalating rapidly. This relationship is particularly significant, considering there are millions, likely over 2.5 million Indians residing in the UAE, earning a respectable income and contributing positively to the economy there."
The Commerce and Industry Minister is scheduled to visit the United Arab Emirates from September 18-19 to co-chair the 13th India-UAE High Level Task Force on Investments alongside Abu Dhabi Investment Authority (ADIA) Managing Director, Sheikh Hamed bin Zayed Al Nahyan.
This meeting aims to assess the progress on the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and matters concerning the UAE-India Central Bank. Both parties will also seek investment opportunities in critical sectors like maritime and space, which show substantial growth potential.
During this visit, Goyal will co-chair the UAE-India Business Council (UIBC) roundtable with the UAE's Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, and engage with CEOs from leading Indian and UAE enterprises. He will also conduct bilateral meetings aimed at fortifying trade, investment, and collaboration across prioritized sectors.
The Union Minister is anticipated to meet with key figures including the UAE's National Security Advisor and International Holding Company (IHC) Chairman, Sheikh Tahnoun bin Zayed Al Nahyan, among others.
The previous 12th India-UAE High Level Task Force on Investments took place in Mumbai in October 2024, resulting in the ratification of the India-UAE Bilateral Investment Treaty signed during Prime Minister Narendra Modi’s visit to the UAE in February 2024. Established in 2013, this task force has been essential for enhancing trade and investment connections, identifying new prospects, and addressing investor concerns.
The UAE is a vital strategic partner for India. Their Comprehensive Strategic Partnership is founded on profound political engagement, robust economic integration, and collaboration in areas like energy, defense, technology, and food security. The CEPA, effective since May 2022, has nearly doubled bilateral merchandise trade from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24, while also driving a structural shift towards non-oil sectors.
Point of View
It is imperative to recognize the strategic importance of India's growing export sector. Piyush Goyal's optimistic outlook reflects not only confidence in India's economic resilience but also highlights the significance of international trade relations. The ongoing discussions and agreements with various countries symbolize India's commitment to fostering robust trade ties and enhancing economic growth.
NationPress
21/09/2025
Frequently Asked Questions
What is the current growth rate of India's exports?
India's exports have recorded a remarkable growth of 6% in the first five months of the current financial year.
Which countries are India currently in trade talks with?
India is in trade negotiations with the United States, the European Union, New Zealand, Chile, Peru, Oman, and several other countries.
What is the significance of the India-UAE FTA?
The India-UAE FTA is noted as the world's fastest-growing FTA, enhancing trade relations and boosting exports significantly.
When will Piyush Goyal visit the UAE?
Piyush Goyal will visit the UAE from September 18-19 to co-chair the 13th India-UAE High Level Task Force on Investments.
How has the CEPA impacted India-UAE trade?
The CEPA has nearly doubled bilateral merchandise trade from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24.
