India’s exports to scale $1 trillion mark in FY27, says Piyush Goyal

India is targeting exports worth $2 trillion over the next five years, Commerce Minister Piyush Goyal said on Monday, May 18, while pegging the overall exports target for FY27 at $1 trillion.

Notably, the country’s total exports of goods and services reached all-time high of $863 billion in FY26, despite uncertainties in the global markets, IANS reported.

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Goyal highlighted that India remains a bright spot amid global geopolitical and economic uncertainty due to the Russia-Ukraine war as well as West Asia crisis.

India’s FTAs now cover over two-thirds of global trade, he stated.

On India’s free trade agreement with Oman, the Union Minister said that it is expected to come into effect from June 1. He added that the FTAs signed with other nations are most likely to be implemented this year after the completion of the legal process.

A Comprehensive Economic Partnership Agreement (CEPA) between India and Oman was signed on December 18 last year. It gave most Indian exports, including textiles, duty-free access.

It gives India zero-duty access on 98.08 per cent of Oman’s tariff lines, covering 99.38 per cent of Indian exports by value, according to IANS.

India is aiming to cut duties on nearly 78 per cent of its tariff lines. This covers about 95 per cent of imports from Oman, with sensitive products given access mainly through tariff-rate quotas. The free trade agreement-related talks kickstarted in November 2023 and were successfully wrapped up in August 2025.

The report highlights that the total volume of trade between India and Oman touched $10.61 billion in 2024-25, representing a growth of 18.6 per cent over the previous year.

Besides this, the country has operationalised trade agreements with the UAE, Australia, and the European Free Trade Association (EFTA) bloc, among others. Moreover, pacts with the European Union and the UK are expected to come into force this year.

“Other FTAs, which are going through legal ratification, will also start kicking in,” Goyal said.