FTAs with US, EU soon; exporters to get full govt backing: Sitharaman

Business Standard

7 hours ago

Union Finance Minister Nirmala Sitharaman on Tuesday said that trade pacts with the United States and the European Union are likely to be concluded soon. She assured exporters of every possible government support amid the challenging global environment.
'Intense trade negotiations are going on with the US and the European Union and should come to a conclusion sooner. Emphasis is being made on getting more free trade agreements signed,' Sitharaman said at Exim Bank's Trade Conclave 2025 in New Delhi.
The finance minister pointed out that India's total exports have touched an all-time high of $825 billion—a 6 per cent growth over the previous year—despite a challenging global environment. 'This is a significant leap of $466 billion over 2013–14,' she added.
She lauded the grit and perseverance of Indian exporters, acknowledging their continued success despite global headwinds.
'Despite that, I appreciate the Indian exporters putting in that kind of an effort, that they are still growing and are finding real success. And therefore, on this particular occasion, I take this opportunity to congratulate all those exporters who have received their awards. But for those who have not received their awards, you're really swimming against the current and succeeding in it.' She further assured exporters of continued government backing: 'So all support from the Government of India is all that I can assure you, because we need to do that more.'
Sitharaman further highlighted that global trade was slipping, with institutions such as the Organisation for Economic Co-operation and Development (OECD) and the World Bank projecting a decline. 'Global growth in trade has suffered,' she said, adding that Indian exporters were 'swimming against the current' despite the odds.
Her comments come at a time when India is looking to deepen its export base while navigating an uncertain global economic climate brought about by US President Donald Trump's tariffs and broader geopolitical uncertainties.
Sitharaman reiterated the government's commitment to supporting exporters through improved access to finance and structural reforms. 'The government will give all support to exporters. Every year we have had serious challenges in global trade,' she said.
She pointed out that despite one challenge or another each year, Indian exporters have continued to perform well. 'From COVID in 2020 to the Russia–Ukraine war in 2022, and disturbances due to Hamas in 2023, and the recent tariff war—we have had serious challenges every year to global trade,' she said, highlighting that Indian exporters have upped their game by foraying into new markets and exporting high-tech, value-added products. 'While global exports grew at 4 per cent, India's exporters managed a 6.3 per cent growth,' she added.
'Tech-infused high-end products are getting exported today. India is not just exporting bulk raw goods or commodities. Today, high-standard, well-engineered products are being exported. Indian exporters have also been finding new markets,' she said.
Sitharaman noted that the government has taken five major steps to support exporters. 'The first one is transport and logistics upgrades, which improve supply chain efficiency. Secondly, the government has provided targeted support to MSMEs. Third of the five is trade finance access,' she said.