India better placed compared to others as trade deals with US, EU happening soon, says Piyush Goyal

Commerce Minister Piyush Goyal

The global geopolitical turmoil will hurt India less than the rest of the world given constructive talks with the United States and the likelihood of closing a trade agreement with the European Union "in the next month or two". This, soon after clinching a pact with the United Kingdom in May, Commerce Minister Piyush Goyal said on June 10.

"Now, we have finalised a pact with the UK last month... we are having very robust discussions with the US also. With these three important agreements, including with Europe hopefully done in the next month or two. And, with our (existing) agreements with different nations of Middle East and Australia and then now with New Zealand soon. Peru and Chile talks are also progressing fast, India is coming out of the shadow today," Goyal said.

Given that India may sign a bunch of key trade deals soon any turbulence in the rest of the world will hurt India relatively less because the country has a big runway of growth ahead, Goyal added while addressing Swiss businesses in Bern.

While the minister is currently in Bern, Switzerland, on an official visit to engage with Swiss government leaders and business representatives, an US delegation is in New Delhi till June 10 for another round of in-person talks for the proposed trade deal between them.

India and the US are looking to close talks for a scaled down version of the first tranche of a Bilateral Trade Agreement (BTA) before President Donald Trump’s country-specific reciprocal tariffs, including a 16 percent levy on New Delhi, kick in from July 9.

With the EU too, India is aiming to close an early harvest deal by July before brokering a larger pact, while with New Zealand the next round of talks will be held next month to reach a free trade agreement by the end of calendar year 2025.

Goyal reiterated that the geopolitical situation "will only be a huge opportunity for India to leverage."