'Several economies want deals with us': Piyush Goyal on India’s FTA talks with US, EU, Chile, Peru

Goyal described the pace of negotiations as relentless, with Indian officials working across time zones to keep talks moving.

India is in advanced negotiations on free trade agreements (FTAs) with several major economies, including the European Union, the United States, Chile and Peru, Commerce and Industry Minister Piyush Goyal said on Saturday.

Speaking at the Entrepreneur and Traders Leadership Summit, Goyal described the pace of negotiations as relentless, with Indian officials working across time zones to keep talks moving.

“Subah ke samay Australia aur Japan me daftar khul jaate hain, doopahar ka samay hota hai toh Europe khul jata hai, shaam ke samay hota hai toh America se baat-chhit shuru ho jati hai...Peru, Chile se baat chhit shuru ho jati hai,” he said, underlining how trade discussions span India’s entire working day.

Beyond existing deals, new targets

Goyal reminded that India has already concluded trade agreements with the UAE, Mauritius, Australia, the European Free Trade Association (EFTA) and the UK. Now, New Delhi is aiming to expand its footprint further.

On August 8, at the BT India @100 event, he confirmed that discussions were underway with Oman, the EU, the US, Chile, Peru and New Zealand, while “many others want to start engaging with India.”

The minister pitched India as a global growth driver, citing its 1.4 billion population, vast domestic market, and resilient macroeconomic fundamentals. He stressed that India is contributing 16 percent to global growth while maintaining one of the lowest inflation rates among emerging markets.

“India today is stronger, more confident, and more respected,” Goyal said.

US talks under pressure

A crucial piece of India’s trade diplomacy is its bilateral trade agreement (BTA) with the United States, which has been under negotiation since March. Five rounds of talks have taken place, but the US has deferred its visit for the sixth round scheduled in India.

This delay comes at a sensitive time. Starting August 27, Washington is set to impose a hefty 50 percent tariff on Indian goods under its trade measures. At present, Indian exports face a 25 percent duty.

The escalation could complicate FTA talks, even as both sides continue exploring areas of convergence.

Why this matters

India’s ability to strike meaningful FTAs with advanced economies like the US and EU will shape its trade future for decades. With global supply chains shifting and protectionism rising, New Delhi is positioning itself as a key alternative hub for manufacturing and trade.

(With inputs from PTI)