India in discussions with 50 nations on fair trade deals: Commerce Minister

Union Minister of Commerce and Industry, Piyush Goyal has said that India has concluded balanced and equitable trade agreements with Australia, the UAE, Mauritius, the United Kingdom and the four-nation EFTA bloc and is currently engaged in discussions with 14 countries or groups representing nearly 50 nations, including the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and the Mercosur group.

Referring to the recent EFTA agreement, the Minister noted that the bloc has committed to invest $100 billion in India across innovation and precision manufacturing. He highlighted India’s cost competitiveness in research and innovation, stating that high-quality innovation undertaken in India can be achieved at a fraction of the cost compared to Europe or the United States. He emphasised the need for the Indian industry to move beyond a legacy mindset and adopt a forward-looking and globally competitive approach.

The Commerce Minister further said that self-reliance has historically guided India’s progress and continues to remain central to the country’s economic strategy. He added that this vision has been strengthened through the focus on Atma Nirbhar Bharat under the leadership of Prime Minister Narendra Modi.

Highlighting broader global developments, the Minister said that recent geopolitical and economic challenges have underscored the need for trusted partners and resilient supply chains. He stated that India’s expanding network of FTAs and economic partnerships is aimed at building long-term cooperation anchored in fairness, transparency and mutual benefit.