Commerce and Industry Minister Piyush Goyal said India is prepared to move ahead with a bilateral trade agreement with the United States once Washington offers Indian exporters a tariff advantage over competing countries.
Speaking at a national workshop focused on helping businesses make better use of free trade agreements, Goyal said the remaining details of the India-US trade arrangement could be finalized once the United States provides preferential tariff treatment that gives Indian products a stronger competitive position in the American market.
According to the minister, India has successfully secured favorable outcomes in the nine free trade agreements completed so far. He said the agreements have been structured to benefit both participating sides while protecting sectors that require particular attention.
These include industries and communities connected with farmers, fishermen, micro, small and medium-sized enterprises, and workers. Goyal added that strategically important sectors, including pharmaceuticals, textiles, processed agricultural products and other agricultural goods, had also received terms that India could consider favorable.
The minister said India has set ambitious goals for expanding the reach and benefits of its trade agreements during the current year. Several agreements are already operational, while additional deals are expected to come into effect in the coming months.
India’s free trade agreement with the United Kingdom became operational on July 15. Agreements involving Mauritius, Oman, the United Arab Emirates, Australia and the United Kingdom are already in place. Goyal said the European Free Trade Association, which includes four countries, is also expected to become active, followed by a planned agreement with New Zealand and, later, expanded trade arrangements involving the European Union’s 27 member nations.
Goyal also pointed to encouraging export growth during the first four months of the current financial year. India’s exports reached approximately $317 billion during April through July, compared with about $280 billion during the same period a year earlier.
The increase of roughly $37 billion during the four-month period indicates positive momentum, he said. Export activity typically gains strength as global demand increases toward the Christmas season and reaches a high point during the final quarter of the financial year.
The minister expressed confidence that continued growth could create opportunities across India’s districts and industries. He said the government would work to diversify India’s export offerings, bring more businesses into international trade and help smaller exporters expand their operations.
Goyal added that India would continue supporting exporters facing logistical or trade disruptions, particularly smaller businesses affected by challenges related to the Strait of Hormuz.
