Global economies keen on expanding trade with India: Piyush Goyal

Highlighting India’s economic growth over the past 11 years, Union commerce minister Piyush Goyal on Monday said that the country is moving closer to its $5 trillion economy target. Speaking at the UP International Trade Show, he said countries worldwide are keen to expand trade with India.

He shared that India’s Free Trade Agreement (FTA) with European Free Trade Association (EFTA) nations, including Iceland, Liechtenstein, Norway, and Switzerland, will come into effect on October 1, 2025, following its finalisation in March 2024.

“The Indian passport now commands greater respect globally, and countries worldwide are eager to deepen trade ties with India,” he said.

Goyal added that India is in active trade talks with the U.S., EU, New Zealand, Oman, Peru, and Chile, while Qatar and Bahrain have also expressed interest. He shared that the Terms of Reference with the Eurasian Economic Union have been finalised, reflecting India’s growing global trade engagement.

He said India’s foreign exchange reserves have reached $700 billion and the country has risen from the ranks of the ‘Fragile Five’ to become the world’s fourth-largest economy. The economy is on track to touch $5 trillion and move into third place within two years, he added.

Goyal shared that the Centre is prioritising the development of the north-eastern and eastern states in partnership with state governments. He highlighted Uttar Pradesh as a key driver of exports and industry, noting that it is the first state to establish a dedicated Export Promotion Ministry.

He added that the One District, One Product (ODOP) initiative now covers over 750 districts with support extended to more than 1,200 products. To promote these products, 'unity malls' will be set up in every state, with three planned in Uttar Pradesh across Lucknow, Agra, and Varanasi.

He also lauded the recent GST reforms calling them as one of India’s most significant economic reforms, arguing it will have long-term structural impact.