India Targets Five Free Trade Agreements Within 12 Months as Piyush Goyal Unveils Major Global Trade Expansion Strategy

He said that active negotiations are currently underway with the Eurasia bloc, while India is also planning to initiate trade discussions with Mexico and countries of the South African Union. The proposed India–European Union Free Trade Agreement is expected to substantially increase trade and investment flows between the two regions, create new opportunities for Indian exporters, diversify markets, and reduce dependence on China. The agreement is also anticipated to promote more balanced trade and strengthen overall economic growth on both sides, with the European Union remaining one of India’s key trading partners.

In addition, an interim trade arrangement between India and the United States is expected to reduce tariffs on select goods, with plans to lower reciprocal duties from 25 percent to 18 percent. The move aims to simplify trade relations and expand market access, ultimately benefiting exporters in both countries. The proposed tariff relaxation reflects the growing importance of economic diplomacy in shaping modern trade negotiations.

Highlighting recent government achievements, the minister emphasized major developments over the past ten days, including initiatives to boost exports, progress in FTA negotiations, and discussions with global companies aimed at strengthening manufacturing investment in India. In a post on social media platform X, he noted that Assam’s One District One Product (ODOP) honey has been exported to the United States for the first time.

He also confirmed that India and Canada have successfully completed the second round of talks for the proposed Comprehensive Economic Partnership Agreement (CEPA). Furthermore, the government has held discussions with global industry leaders including Airbus, L’Oréal Group, Carrier, and LVMH to encourage greater investment and reinforce India’s manufacturing ecosystem.

These developments collectively underline India’s expanding trade diplomacy and its strategic push to integrate more deeply with global value chains.