India actively negotiating trade pacts with US, EU: Goyal

India is currently engaged in active negotiations for free trade agreements (FTAs) with several major economies, including the United States and the European Union, Commerce and Industry Minister Piyush Goyal said on Friday. Speaking at the FICCI Annual General Meeting, Goyal emphasised that India is strengthening partnerships with trusted nations at a time when global trade dynamics are increasingly being “weaponised”.He noted that India is simultaneously in talks with individual countries and regional blocs covering nearly 50 partners. Negotiations are underway with Oman, while Bahrain and Qatar have also expressed interest in initiating discussions. The Gulf Cooperation Council (GCC), a six-nation group, has shown readiness to move forward collectively.
India is also exploring agreements with New Zealand and engaging in active discussions with the US and the 27-member EU. Goyal added that the government is reviewing existing FTAs with ASEAN and South Korea to address imbalances and improve their effectiveness.Talks with the Eurasian Economic Union (EAEU) have recently begun, and discussions with Israel are expected to start soon. Canada and India are preparing to resume conversations on a Comprehensive Economic Partnership Agreement (CEPA). Additionally, the South African Customs Union (SACU) and the Mercosur bloc have indicated interest in negotiating trade pacts with India.Goyal said India aims to expand its network of reliable trading partners to bolster supply chains, enhance market access and strengthen long-term economic resilience.

(Business Correspondent)