Indian Economy News

Union Minister of Commerce and Industry, Mr. Piyush Goyal highlights ongoing trade negotiations with all major trading nations of the world at the 98th AGM of FICCI, says trade relations are getting stronger

India has strengthened its trade integration by concluding balanced agreements with Australia, the United Arab Emirates (UAE), Mauritius, the United Kingdom (UK) and the four-nation European Free Trade Association (EFTA) bloc, while continuing discussions with 14 countries or groups representing nearly 50 nations, including the United States (US), the European Union (EU), Gulf Cooperation Council (GCC) countries, New Zealand, Israel, Eurasia, Canada, South Africa and the Mercosur group. Addressing the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi, Union Minister of Commerce and Industry, Mr. Piyush Goyal, highlighted that the EFTA bloc has committed to invest Rs. 8,94,800 crore (US$ 100 billion) in India across innovation and precision manufacturing. He underscored India’s growing competitiveness in research and innovation, noting that high-quality work can be delivered at significantly lower costs compared to Europe or the US, and called on industry to adopt a forward-looking, globally competitive outlook.

He outlined India’s strengths across political, economic, social, technological, legal, and environmental dimensions, citing stable governance, manufacturing-focused initiatives, and targeted export promotion as drivers of sustained growth. He highlighted the role of a young, digitally enabled workforce in advancing applied artificial intelligence (AI), automation, robotics, and deep-tech innovation, supported by the Rs. 1,07,376 crore (US$ 12 billion) Research, Development, and Innovation fund and continued backing for start-ups. Emphasis was also placed on skilling to prepare youth for emerging technologies and reinforce India’s position in global value chains. He noted that resilient supply chains and trusted partnerships are essential amid global volatility. He reaffirmed that expanding free trade agreements will support long-term cooperation based on fairness and transparency, strengthening India’s journey towards becoming a globally competitive and self-reliant economy by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.