India is currently negotiating free trade agreements (FTAs) with a wide range of partners, including the United States and the European Union, Commerce and Industry Minister Piyush Goyal said on Friday. He said New Delhi is working closely with "trusted partners" to strengthen economic ties at a time when global trade faces rising geopolitical and tariff-related risks.
"We have all seen trade being weaponised. We have all seen the importance of having trusted partners around the world," Goyal said at the Ficci annual general meeting function in New Delhi, further adding that India is in discussions with about 50 countries and groups.
His remarks come amid a steep increase in US tariffs, with the Trump administration imposing a 50% import duty on Indian goods entering American markets since August 27.
Goyal said the Gulf Cooperation Council (GCC) comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain, is keen to pursue trade talks.
India has already implemented a comprehensive pact with the UAE, and negotiations with Oman are nearing conclusion. Bahrain and Qatar have also expressed interest, and the GCC as a whole is "talking" about a broader engagement.
"The whole six-nation group would like to engage. We are talking to New Zealand...We are in active discussions with the US and with the 27-nation EU," the minister said at the Ficci annual general meeting.
New Delhi and Washington are negotiating a bilateral trade deal, with six rounds of talks completed and both sides aiming to conclude the first phase by the end of this year.
India is also reviewing its trade agreements with ASEAN and South Korea to "bring more balance" to the arrangements. ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
"We are working with Eurasia (EAEU), which has started negotiations yesterday or the day before yesterday. We are equally engaged to start negotiations very quickly with Israel. Canada and India are looking at CEPA (comprehensive economic partnership agreement). Next week, they are going to start a conversation around that," he added.
Goyal said negotiations have recently begun with the Eurasian Economic Union (EAEU) — Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, after both sides signed the terms of reference in August.
India is also preparing to start talks "very quickly" with Israel, while Canada and India are set to resume conversations on a Comprehensive Economic Partnership Agreement (CEPA) next week. The goal is to raise bilateral trade to USD 50 billion by 2030, after Canada paused talks in 2023.
"Canada and India are looking at CEPA (Comprehensive Economic Partnership Agreement). Next week, they are going to kick start conversations around that," Goyal said.
In addition, the South African Customs Union (SACU) — South Africa, Namibia, Botswana, Lesotho and Eswatini, and the Mercosur bloc (Brazil, Argentina, Uruguay and Paraguay) have shown interest in launching negotiations.
In trade agreements, countries work to reduce or remove import duties on most goods exchanged between them, while also easing rules for the movement of professionals and encouraging investment flows.
India already has FTAs in force with countries such as Singapore, Japan, Korea, Malaysia and Australia, covering tariff cuts, easier movement of professionals and investment facilitation.
Get an chance to win ₹5000 Amazon Voucher by taking part in India's Biggest Habit Index! Take the survey here