India negotiating trade deals with USA, many other nations: Goyal

Having concluded ”balanced and equitable” economic pacts with Australia, UAE, Mauritius, the United Kingdom and the four-nation EFTA bloc, India is currently engaged in discussions with 14 countries or groups representing nearly 50 nations for trade deals, Union Commerce Minister Piyush Goyal said on Friday.

Negotiations, he said, are ongoing with the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and the Mercosur group.

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Addressing the 98th annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Goyal said the idea of self-reliance is central in India’s civilisational ethos, recalling references from the Bhagavad Gita and Mahatma Gandhi’s emphasis on Swadeshi.

He 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 ‘Atmanirbhar Bharat’ under the leadership of Prime Minister Narendra Modi.

Referring to the recent EFTA agreement, the minister noted that the bloc has committed to invest USD 100 billion in India across innovation and precision manufacturing. He highlighted India’s cost competitiveness in research and innovation, noting that high-quality innovation can be achieved at a fraction of the cost compared to Europe or the US.

He emphasised the need for the Indian industry to move beyond a legacy mindset and adopt a forward-looking and globally competitive approach.

The minister highlighted India’s strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool. He said that India’s large number of STEM graduates and widespread internet access create strong potential in emerging areas such as applied artificial intelligence, automation, robotics and deep-tech innovation.

He noted that the recently announced $12 billion Research, Development and Innovation (RDI) fund, along with ongoing support to startups and deep-tech industries, will further accelerate India’s innovation ecosystem.

Goyal emphasised the importance of strengthening skilling to prepare India’s youth for future opportunities. He said that, unlike many developed economies facing ageing populations, India’s youthful demographic is quick to adapt to emerging technologies and has already demonstrated high engagement with digital platforms.

He added that this readiness positions India to play a major role in the global technology landscape.

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.