Commerce Minister Piyush Goyal stated on Friday that India is discussing trade agreements with a number of nations, including the US, and that the world now recognizes the nation’s advantages.
Speaking at a gathering here, Goyal stated that a number of nations are eager to trade with India.
“The United States, Oman, the European Union, Chile, Peru, and New Zealand are among the many nations with which we are in communication. At the BT India @100 event, he informed the audience, “Many others want to start engaging with India.”
“We are acknowledged as the largest economy with the greatest rate of growth worldwide. Our macroeconomic foundations are the strongest, and we are contributing 16% to global growth,” the minister continued.
As US President Donald Trump imposed new tariffs, Goyal recently told the Parliament that the nation will do everything in its power to safeguard its interests when negotiating trade agreements with other nations.
The Commerce Minister claims that foreign organizations view India as the global economy’s bright spot.
“India has inked free trade agreements (FTAs) with the UAE, the UK, Australia, and the EFTA countries that are mutually beneficial. We hope to reach similar free trade agreements with other nations,” Goyal stated, adding that India’s economy, which is presently the fourth largest, will soon rise to the third position thanks to its reforms, MSMEs, and industry’s efforts.
“We never stop trying to safeguard and advance our farmers. The administration is optimistic that Viksit Bharat’s objectives will be met. With confidence, India is moving closer to “Made in India,” the minister stated.
The minister stated that the United States and India agreed to discuss a mutually beneficial trade agreement that would be finalized by the fall of this year.
Thirteen FTAs have been signed by India and its trading partners. India is currently negotiating the following free trade agreements (FTAs) with its trading partners: the FTA between India and the EU, the Comprehensive Economic Cooperation Agreement (CECA) between India and Australia, the Trade Agreement between India and Peru that covers goods, services, and investment, the Economic and Technical Cooperation Agreement (ETCA) between India and Sri Lanka, and the FTA between India and Oman.
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