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New Delhi
Days after India concluded its negotiations with the European Union on a Free Trade Agreement (FTA) which has been dubbed the ‘mother of all deals’, India is now looking towards a closure on the FTA with the United States and similar deals with other nations.
Speaking about upcoming international trade deals in an interview, Union Minister Piyush Goyal said, “Every deal, every FTA, stands on its own merits, and India makes its decisions based on its own assessment of the advantages and disadvantages. No deal is dependent on any other deal, nor is any deal negotiated according to a deadline… Very meaningful discussions are underway with many countries. I can assure you with complete confidence that India will open up new markets while protecting its own interests. It will continue to forge new agreements to provide more opportunities for its exporters, and at the same time, safeguard the interests of our farmers, fishermen, livestock breeders, and small-scale industries.”
“We are in very advanced stages of discussions in Chile, and we are also in talks with Canada and the USA. We will also be starting discussions with the six countries of the Gulf Cooperation Council (GCC) very soon,” he added.
Goyal also hailed the India-EU Free Trade Agreement (FTA) as a landmark deal that places India at the high table of international geopolitics.
Speaking on the FTA, Goyal emphasised that the agreement is a win-win deal that will drive economic growth and create new opportunities for Indian businesses and citizens. Goyal highlighted the potential benefits of the FTA for India’s textile sector, which is expected to see a significant boost in exports.
Goyal said, “This FTA between the EU and India places India at the high table of international geopolitics. Under Prime Minister Modi’s leadership, India has gained recognition and importance across the world. The world sees India as the fastest-growing large economy, a country with strong macroeconomic fundamentals, and a nation experiencing rapidly increasing demand generated by its 1.4 billion people, an aspirational, young India full of talent and skills.”
“Today, India is sought after as a trading partner and strategic ally by developing nations across the globe. In the past, India was hesitant about such agreements; we used to be defensive, cautious, and reluctant to take on big challenges. Under PM Modi, India now aspires to become a developed nation, a Viksit Bharat, by 2047. This goal is not achievable without expanding our international presence, business, and engagements,” he added.
Earlier, Sources in the Ministry of External Affairs said that even as the India-EU FTA was being negotiated, negotiations on the India-US deal had made significant progress.
The sources said that the deal could be “finalised any day now”. What remains for the two sides is being described as “just the dotting of the Is and the crossing of the Ts”.
Sources further said there has been a robustness in the recent round of negotiations and talks on the deal.
In Davos on January 21, US President Donald Trump had expressed confidence over the India-US Bilateral Trade Agreement (BTA), noting that the two countries are “going to have a good deal”, while praising Prime Minister Narendra Modi as a close friend and respected leader. Trump made this comment following his address at the 56th Annual Summit of the World Economic Forum.
“I have great respect for your Prime Minister. He’s a fantastic man and a friend of mine, and we are going to have a good deal,” Trump said when asked about the India-US trade deal by Moneycontrol.
Earlier, India’s Commerce Secretary Rajesh Agrawal said that the much-anticipated first tranche of the India-US BTA is “very near”, but stopped short of providing a timeline.
The BTA, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030.Talks were first announced during Prime Minister Narendra Modi’s visit to Washington in February 2025.
