India is actively pursuing Free Trade Agreements (FTAs) with several key global partners, including the United States, New Zealand, Oman, Peru, Chile, and the European Union. This was confirmed by Commerce and Industry Minister Piyush Goyal on Monday, September 29, 2025.
In addition to these, Qatar and Bahrain have also expressed a strong interest in negotiating trade agreements with India.
Just recently, in August, India and the Eurasian Economic Union (EAEU) — which includes Armenia, Belarus, Kazakhstan, Kyrgyz Republic, and Russia — signed the Terms of Reference (ToR) to begin FTA negotiations.
Minister Goyal emphasized at the U.P. International Trade Show in Greater Noida that discussions are actively progressing with the U.S. for a comprehensive trade agreement. Parallel talks are also underway with the EU, New Zealand, Oman, Peru, and Chile.
Last week, the Minister led a significant delegation to New York for trade discussions. Following these meetings, both India and the U.S. reaffirmed their commitment to advance negotiations for a mutually beneficial bilateral trade agreement, aiming for a swift conclusion.
These crucial deliberations covered various aspects of the proposed trade deal. During his visit, Minister Goyal met with key American trade officials, including United States Trade Representative (USTR) Jamieson Greer and U.S. Ambassador-designate to India Sergio Gor.
These discussions held particular importance given that the U.S. had previously imposed a 25% reciprocal tariff, along with an additional 25% penalty, on Indian goods. This measure was in response to India’s purchase of Russian crude oil, resulting in a current total of 50% additional import duty on Indian products.
Back in February of this year, leaders from both countries instructed officials to negotiate a proposed Bilateral Trade Agreement (BTA). The initial goal was to finalize the first phase of this agreement by the fall (October-November) of 2025. To date, five rounds of negotiations have been successfully completed. The overarching objective of this pact is to more than double the bilateral trade volume to an impressive $500 billion by 2030, a significant increase from the current $191 billion.
For the fourth consecutive year (2024-25), the U.S. has maintained its position as India’s largest trading partner, with bilateral trade reaching $131.84 billion, which includes $86.5 billion in Indian exports.
The U.S. currently accounts for approximately 18% of India’s total goods exports, 6.22% of its imports, and 10.73% of the country’s overall merchandise trade.
Furthermore, Mr. Goyal announced that the Trade and Economic Partnership Agreement (TEPA) between India and the EFTA (European Free Trade Association), a bloc of four European nations, is set to be implemented from October 1. This agreement was originally signed on March 10, 2024.
Under the TEPA pact, India has secured an investment commitment of $100 billion over 15 years from the EFTA grouping. In return, India will allow certain products, such as Swiss watches, chocolates, and cut and polished diamonds, to enter its market with reduced or zero duties.
Minister Goyal stated that “this pact will significantly benefit Indian traders,” emphasizing that these various agreements underscore a growing global interest from developed nations in collaborating with India.
Finally, the Commerce Minister reiterated his call for consumers to prioritize “Made in India” goods, a move aimed at bolstering domestic manufacturing and economic growth.