Is India Negotiating Trade Pacts with Multiple Nations, Including the US?
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Synopsis
India's Commerce Minister Piyush Goyal reveals the country's efforts in negotiating trade agreements with various nations, including the US, highlighting India's growing global significance and economic strength. Discover how these trade deals could reshape India's economic landscape and boost international relations.
Key Takeaways
- India is negotiating trade pacts with several nations including the US.
- Commerce Minister Piyush Goyal emphasizes India's economic strength.
- India contributes 16% to global growth, showcasing its importance.
- Negotiations involve countries like Oman and the European Union.
- India aims to finalize trade agreements by fall this year.
New Delhi, Aug 8 (NationPress) India is currently engaged in discussions regarding trade agreements with various nations, including the US, as stated by Commerce Minister Piyush Goyal on Friday. He emphasized that the global community acknowledges the strengths of India today.
While addressing an event, Goyal noted that numerous countries are eager to collaborate with India in trade.
"We are conversing with various nations -- the US, Oman, the European Union, Chile, Peru, and New Zealand. Many others aspire to commence trade discussions with India,” he shared at the BT India @100 event.
"The entire world recognizes us as the fastest-growing large economy. We contribute 16 percent to global growth, and our macroeconomic fundamentals are among the strongest," the minister remarked.
In a recent address to Parliament, Goyal stated that India would take all essential measures to safeguard its national interests during trade negotiations, especially following the renewed tariffs imposed by US President Donald Trump.
The Commerce Minister indicated that international organizations view India as a bright spot in the global economy.
"India has established mutually advantageous FTAs with the UAE, the UK, Australia, and EFTA nations. We are eager to forge similar FTAs with additional countries," Goyal added. He noted that through reforms, MSMEs, and industrial efforts, India is currently the fourth-largest economy and is poised to become the third-largest soon.
"We are consistently working to protect and promote our farmers. The government is confident in realizing the Viksit Bharat objectives. India is advancing towards ‘Make in India’ with self-assurance," the minister remarked.
According to Goyal, India and the US have agreed to pursue a mutually advantageous trade deal, which aims to be finalized by this fall.
India has signed 13 FTAs with its trade partners and is presently negotiating several others, including the India-EU FTA, the India-Australia Comprehensive Economic Cooperation Agreement (CECA), the India-Peru Trade Agreement covering goods, services, and investments, the India-Sri Lanka Economic and Technical Cooperation Agreement (ETCA), and the India-Oman FTA.
Point of View
It is crucial to highlight India's proactive approach in fostering international trade relations. The negotiations led by the Commerce Minister reflect our commitment to strengthening our economy while safeguarding national interests. India’s position as a fast-growing economy offers vast opportunities for collaboration, and it is imperative to navigate these discussions with a focus on mutual benefits.
NationPress
19/08/2025
Frequently Asked Questions
What trade agreements is India currently negotiating?
India is negotiating multiple trade agreements, including those with the US, EU, Australia, Chile, Peru, Oman, and New Zealand.
What recent economic recognition did India receive?
India has been recognized as the fastest-growing large economy, contributing 16% to global growth.
How many FTAs has India signed?
India has signed 13 Free Trade Agreements (FTAs) with various trading partners.
What are the government's goals regarding trade negotiations?
The government aims to protect national interests while pursuing mutually beneficial trade deals.
Which countries are involved in India's current trade negotiations?
Current trade negotiations involve countries such as the US, EU, Oman, Australia, and others.
