India in trade talks with several countries, including US
What's the story
Commerce and Industry Minister Piyush Goyal has confirmed that India is in talks for trade agreements with a number of countries, including the US. He said this while speaking at the BT India @100 event. The minister stressed that several nations are eager to engage with India on trade matters, highlighting its growing global economic influence.
Ongoing discussions
US tariffs on Indian goods
The India-US bilateral trade agreement talks have been ongoing since March. A US delegation is slated to visit India for the next round of talks from August 25. These discussions are particularly important as the US has imposed a 50% tariff on Indian goods, with a 25% duty coming into effect on August 7 and another 25% from August 27.
Export growth
Exports to surpass last year's figures
Goyal expressed confidence that India's exports in 2025-26 will surpass last year's figures. In 2024-25, India's goods and services exports reached $825 billion. He said, "I do not see any de-globalization. I see countries restructuring their trade routes and their trade partners." The minister also emphasized that the Indian economy is growing at a faster pace and the world is looking up to India as a major player in global trade.
New partnerships
Trade agreements with other countries
Goyal also revealed that India has recently signed trade agreements with several countries, including the UAE, Mauritius, Australia, EFTA (European Free Trade Area), and the UK. He said these partnerships are part of India's strategy to strengthen its position in global trade. The minister stressed that India will continue to pursue trading arrangements with countries where there are complementarities.