India in active talks for trade pacts with US, EU, Oman: Goyal

Union Commerce Minister Piyush Goyal said that India is in active discussions to finalise free trade agreements (FTAs) with major economies including the United States, European Union, and Oman, as part of the country’s broader strategy to deepen global economic engagement.“We have done free trade agreements with many developed countries in the last three years... We are in active dialogue with the US, EU, Chile, Peru, New Zealand, and Oman,” Goyal told reporters, highlighting the growing international interest in India as a trusted trade and investment partner.
India has already implemented trade pacts with Australia, the United Arab Emirates (UAE), and the European Free Trade Association (EFTA) bloc. It has also signed a trade agreement with the United Kingdom, strengthening its global trade footprint.Goyal said discussions with Brazil are also progressing, with both nations exploring ways to expand their existing preferential trade agreement (PTA). “It clearly shows that India is the favoured and preferred destination both for investment and for bilateral trade,” he said.
India and Brazil are targeting to raise bilateral trade to $20 billion by 2030, up from $12 billion in 2024. At the India-Brazil Business Dialogue, Brazil’s Vice-President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, said, “This year, exports from India to Brazil grew over 30 per cent, and exports from Brazil are also rising. We will exceed the foreign trade target of $20 billion by 2030. Brazil is opening its doors to Indian investment.”
Meanwhile, an Indian delegation is currently in Washington for ongoing trade negotiations with U.S. officials, with talks scheduled to continue until October 17. In February this year, leaders from both countries directed their teams to expedite discussions on a proposed Bilateral Trade Agreement (BTA), setting a target to conclude the first tranche of the pact by the fall of 2025.
So far, five rounds of negotiations have been completed, and Commerce Minister Goyal had also led an official delegation to New York last month to advance talks on the trade deal.The series of engagements underline India’s proactive approach in building stronger economic partnerships with developed and emerging economies alike, reflecting its growing role in shaping global trade architecture.

(Business Correspondent)