India is negotiating a trade agreement with US: Commerce Minister Piyush Goyal
Piyush Goyal
on Friday said India is negotiating trade agreements with several countries, including the US, and stressed that many nations are keen to engage with New Delhi on the trade front.
He also exuded confidence that India's exports in 2025-26 will exceed last year's figures.
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In 2024-25, India's goods and services exports touched USD 825 billion.
"We are in dialogue with many countries -- Oman, the European Union, the US, Chile, Peru, New Zealand. Many others want to start engaging with India.
"So today the world recognises the strengths of India, recognises our demographic advantages... 1.4 billion people bring aggregate demand, huge domestic market... why else do you think everybody is vying to do trade or have a better market access (in India)," Goyal said here at the BT India @100 event.
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India and the US are negotiating a
bilateral trade agreement
since March. For the next round of talks, a US team is scheduled to visit India from August 25.
These talks assume significance as the US has imposed 50 per cent tariffs on Indian goods. A 25 per cent duty came into effect on August 7, with the remaining 25 per cent set to be implemented from August 27.
The commerce minister said India has recently inked trade agreements with several countries, including the UAE, Mauritius, Australia, EFTA (European Free Trade Area), and the UK.
Asked how India will deal with the current global trade order and penal tariffs of the US, he said, "I do not see any de-globalisation. I see countries restructuring their trade routes and their trade partners and I am quite confident this year, India will do more exports than than last year."
He added that the Indian economy is growing faster and the world is looking up to India.
"The whole world recognises us as the fastest growing large economy. We are contributing 16 per cent in the global growth, our inflation is amongst the lowest in the world compared to other emerging market economies... our macro economic fundamentals are the best," Goyal said, adding, "India today is stronger, much more confident, much more respected".
India is growing at 6.5 per cent and "we will of course have trading arrangements with whom we have complimentarities".
These remarks assume significance as US President Donald Trump had remarked that India is a "dead economy".
On the global trade, he said international trade always finds new pathways and "what we are seeing today is possibly a churn that was bound to happen over every few years. Over every few years, new countries come up, some countries go down and this is part of history of nations".
Asked about his views on Trump tariffs, he said India finds opportunities in crisis.
"The nation's morale is high... There is a lot of strength in the Indian economy... India will emerge as the winner (in any kind of crisis)," he said, citing examples from the Covid period.
On certain concerns with regards to the India-UK trade agreement on government procurement and duty cut on Scotch whiskey, the commerce minister said there are no concerns and Indian businesses, too, are getting access in the UK's procurement system.
He also criticised Congress leader Rahul Gandhi on his remarks on the Indian economy.
"It is so sad... It is so unfortunate," he said.
Goyal also criticised Opposition parties, stating that they are not allowing the Parliament to function.
"They are making fake narratives," he said.
On Gandhi's allegations on rigging of elections, Goyal these are "absurd" comments. India's election commission is known world over for conducting free and fair polls, he added.
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