India Engaging In FTA Negotiations With Multiple Countries & Blocs: Piyush Goyal

New Delhi, Sep 30 (KNN) India is actively pursuing free trade agreements (FTAs) with several countries and regional blocs, including the United States, European Union, New Zealand, Oman, Peru, and Chile, Commerce and Industry Minister Piyush Goyal said on Monday. 

He added that Qatar and Bahrain have also expressed interest in negotiating trade pacts with India.

Speaking at the UP International Trade Show in Greater Noida, Goyal highlighted ongoing talks with the US, noting that both countries are seeking an early conclusion of a bilateral trade agreement. 

Last week, he led an official delegation to New York for discussions, where he met US Trade Representative Jamieson Greer and Ambassador-designate to India Sergio Gor.

The latest round of deliberations comes against the backdrop of recent US trade measures, including a 25 percent reciprocal tariff and an additional 25 percent penalty on Indian goods linked to India’s purchases of Russian crude oil. 

These duties have raised India’s effective import levy in the US market to 50 percent. Despite this, both sides reaffirmed their intent to continue negotiations, with the first tranche of the pact initially targeted for conclusion by late 2025. 

Five rounds of negotiations have been completed so far, with the proposed Bilateral Trade Agreement (BTA) aimed at more than doubling trade volumes to USD 500 billion by 2030 from the current USD 191 billion.

Goyal also pointed to progress with other trade partners. In August, India signed Terms of Reference with the Eurasian Economic Union (EAEU)—comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and Russia—to launch negotiations on an FTA. 

Separately, the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), signed in March 2024, will come into effect from October 1. 

Under this pact, India is set to receive an investment commitment of USD 100 billion over 15 years, while offering duty concessions on items such as Swiss watches, chocolates, and polished diamonds.

“These agreements reflect the growing interest of the developed world in engaging with India,” Goyal said, urging consumers to prefer Made-in-India products to support domestic manufacturing.

(KNN Bureau)