India in talks with US, EU and others for trade pacts, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Monday (October 6) said that India is currently negotiating free trade agreements (FTAs) with several countries, including Oman, Chile, Peru, the US, and the European Union.

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Speaking to reporters in Doha, Goyal said India is increasingly aligning itself with developed nations through such trade pacts. “Today, FTA negotiations are underway with Oman, the European Union, the US, Chile, Peru, New Zealand, Eurasia, and many other countries that have expressed their willingness to engage in discussions,” he said.

Boosting trade, investment

The minister, who is in Qatar on a two-day visit, is leading a business delegation to discuss ways to boost trade and investments between the two countries.

Last month, the minister led an official delegation to New York for trade talks. After that meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.

Both sides held constructive meetings on various aspects of the trade deal. During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.

Those deliberations were important as they took place after the US imposed a 25 per cent reciprocal tariff and an additional 25 per cent penalty on Indian goods entering the American market for purchasing Russian crude oil.

Aim to double bilateral trade

At present, a total of 50 per cent additional import duty is imposed on Indian goods.

In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).

It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been held. The pact is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

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The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports). The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.

(With agency inputs)