India is currently engaged in talks for Free Trade Agreements (FTAs) with several nations and blocs, including the United States, New Zealand, Oman, Peru, Chile, and the European Union, as confirmed by Commerce and Industry Minister Piyush Goyal on Monday, September 29, 2025.
Additionally, Qatar and Bahrain have expressed strong interest in pursuing trade agreements with India.
Earlier in August, India and the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and Russia, formally agreed to the Terms of Reference to begin FTA negotiations.
During the U.P. International Trade Show in Greater Noida, Minister Goyal specifically mentioned, “Discussions for a trade agreement are progressing with the U.S. Furthermore, negotiations are actively continuing with the EU, New Zealand, Oman, Peru, and Chile.”
Just last week, the Minister spearheaded an official delegation for trade discussions in New York. Following these meetings, both India and the U.S. reiterated their commitment to advancing negotiations for a swift conclusion of a bilateral trade agreement that benefits both nations.
Productive discussions were held on several facets of the potential trade deal. During his visit, Minister Goyal met with United States Trade Representative (USTR) Jamieson Greer and U.S. Ambassador-designate to India Sergio Gor.
These high-level talks gained particular significance as they followed the U.S. imposition of a 25% reciprocal tariff, plus an additional 25% penalty, on Indian imports. This measure was taken due to India’s procurement of Russian crude oil, resulting in a total 50% extra import duty on Indian products entering the U.S. market.
Earlier this year, in February, leaders from both countries instructed their officials to negotiate a comprehensive Bilateral Trade Agreement (BTA).
The initial phase of this agreement was originally slated for completion by Fall 2025 (October-November). To date, five rounds of negotiations have taken place, with the overarching goal of boosting bilateral trade from the current $191 billion to over $500 billion by 2030.
For the fourth year running, the U.S. stood as India’s premier trading partner in 2024-25, with bilateral trade reaching a substantial $131.84 billion, which included $86.5 billion in Indian exports.
The U.S. plays a significant role in India’s trade landscape, representing approximately 18% of India’s total goods exports, 6.22% of its imports, and 10.73% of the nation’s overall merchandise trade.
Minister Goyal also announced that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), a bloc of four European nations, is set to become effective from October 1, following its signing on March 10, 2024.
This landmark pact includes an investment commitment of $100 billion over 15 years from the EFTA grouping to India. In return, it facilitates lower or zero duties on various products, including high-value items like Swiss watches, premium chocolates, and exquisite cut and polished diamonds, benefiting consumers and industries alike.
The Minister emphasized that this agreement will significantly benefit Indian traders, noting that such pacts underscore the growing interest of developed nations in India’s economic potential.
Finally, the Commerce Minister urged citizens to prioritize purchasing “Made in India” goods to bolster and promote domestic manufacturing.