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Hans India
6 days ago
- Business
- Hans India
India negotiating trade pacts with US, other nations: Goyal
NEW DELHI: Commerce and Industry Minister 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. 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. 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.
Time of India
6 days ago
- Business
- Time of India
'Negotiating deals with several countries': Piyush Goyal on India's trade talks; dismisses Trump's 'dead economy' remark
Piyush Goyal (File photo) NEW DELHI: Union minister Piyush Goyal on Friday said India is in talks to sign trade agreements with several countries including the United States. 'We are in dialogue with many countries — Oman, the European Union, the US, Chile, Peru, New Zealand. Many others want to start engaging with us,' news agency PTI quoted him as saying at the BT India @100 event in the national capital. "So today the world recognises our strengths, 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?" he added. India and the United States have been negotiating a bilateral trade agreement since March, with the next round of talks scheduled during a US delegation's visit from August 25. The upcoming discussions will be held against the backdrop of US President Donald Trump's decision to impose 50 per cent tariffs on Indian goods — half of which took effect on August 7, with the remaining 25 per cent to be implemented from August 27. Asked how New Delhi would respond to the current global trade order and Washington's penal tariffs, Goyal replied, 'I do not see any de-globalisation. I see nations restructuring their trade routes and partners, and I am quite confident that this year we will export more than last year.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold Cruise Cabins From Dublin (Take a Look at the Prices) Lore Filter Learn More Undo Dismissing US President Donald Trump's 'dead economy' remark, the BJP leader asserted, 'The whole world recognises us as the fastest-growing large economy. We are contributing 16 per cent to global growth, our inflation is among the lowest in the world compared to other emerging market economies… our macroeconomic fundamentals are the best. India today is stronger, much more confident, and much more respected. ' The minister also exuded confidence that the country's exports in 2025-26 would surpass last year's figures of $ 825 billion. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
India.com
6 days ago
- Business
- India.com
India Negotiating Trade Pacts With Several Nations, Including US: Piyush Goyal
India is negotiating trade pacts with several countries, including the US, Commerce Minister Piyush Goyal said on Friday, adding that today, the world recognises the strengths of the country. Speaking at an event in New Delhi, Goyal said several countries are keen to engage with India on the trade front. "We are in dialogue with many countries -- the US, Oman, the European Union, Chile, Peru and New Zealand. Many others want to start engaging with India,' he told the gathering at the BT India @100 event. "The whole world recognises us as the fastest growing large economy. We are contributing 16 per cent in the global growth, our macro economic fundamentals are the best," the minister added. Addressing the Parliament recently, Goyal said the country will take all necessary steps to protect national interest while negotiating trade deals with countries, as US President Donald Trump imposted fresh tariffs. According to the Commerce Minister, international agencies look at India as the bright spot in the world economy. "India has signed mutually beneficial FTAs with the UAE, the UK, Australia and the EFTA nations. We want to achieve such FTAs with more countries," said Goyal, adding that India, through its reforms and MSMEs and industry's efforts, is currently the 4th largest economy and will soon become the third-largest economy. "We are constantly working towards protecting and promoting our farmers. The government is confident of achieving Viksit Bharat goals. India is progressing towards 'Make in India' with self-confidence," the minister said. According to the minister, India and the US decided to talk over a mutually-beneficial trade deal aimed to be completed by the fall of this year. India has signed 13 FTAs with its trading partners. The country is currently negotiating the following FTAs with its trading partners: India-EU FTA, India Australia Comprehensive Economic Cooperation Agreement (CECA), India-Peru Trade Agreement, covering goods, services and investment, India-Sri Lanka Economic and Technical Cooperation Agreement (ETCA) and India-Oman FTA.
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Business Standard
6 days ago
- Business
- Business Standard
India will emerge stronger amid US tariffs, says Goyal as trade talks go on
Union Commerce Minister Piyush Goyal on Friday said India is in negotiations with several countries, including the United States, for trade agreements, adding that the European Union and other nations are also eager to strengthen trade ties. He expressed confidence that India's goods and services exports in 2025-26 would surpass last year's $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, a huge domestic market… Why else do you think everybody is vying to do trade or have better market access in India," Goyal said at the BT India @100 event. Talks with the US face roadblocks India and the US have held five rounds of talks on a bilateral trade deal since March. The next round, scheduled for August 25 in New Delhi, is uncertain after US President Donald Trump ruled out further talks until the tariff dispute is resolved. Earlier this month, the US imposed an additional 25 per cent tariff on Indian goods – on top of the 25 per cent reciprocal tariffs imposed in July – as a penalty for India's purchase of Russian crude oil. While the reciprocal tariffs are already in place, the additional duties will take effect on August 27. Agricultural products, including genetically modified soybean, and dairy remain contentious issues. Both are politically sensitive in India, where large sections of the population depend on them for their livelihoods. Following the imposition of 50 per cent tariffs, Prime Minister Narendra Modi said he would never compromise the welfare of Indian farmers, even at a heavy cost. On Friday, Goyal said India sees opportunities even in difficult situations. "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 the resilience shown during the Covid pandemic. Diversifying trade partners Goyal noted that India has recently signed agreements with the UAE, Mauritius, Australia, the European Free Trade Association, and the UK. On the global trade environment, 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 last year." He described current shifts as part of a natural cycle: "Over every few years, new countries come up, some countries go down and this is part of history of nations." Economic fundamentals strong Goyal said India's economy is growing at a fast pace, attracting global attention. "The whole world recognises us as the fastest-growing large economy. We are contributing 16 per cent to global growth, our inflation is amongst the lowest compared to other emerging markets… our macroeconomic fundamentals are the best," he said. "India today is stronger, much more confident, much more respected," he added, citing the country's 6.5 per cent growth rate and the aim to sign trade agreements with nations where complementarities exist. On India-UK trade agreement Addressing reported concerns about the India-UK trade deal, particularly on government procurement and lower duties on Scotch whisky, Goyal said there were no problems and that Indian businesses were also gaining access to the UK market. He criticised Congress leader Rahul Gandhi for agreeing with President Trump's description of India as a "dead economy", calling it "sad" and "unfortunate". He accused the Opposition of disrupting Parliament and creating "fake narratives".
News18
6 days ago
- Business
- News18
India is negotiating trade agreements with US, several other countries: Goyal
Last Updated: New Delhi, Aug 8 (PTI) Commerce and Industry Minister 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. 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. 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. PTI RR CS TRB TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 08, 2025, 20:45 IST News agency-feeds India is negotiating trade agreements with US, several other countries: Goyal Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
