Commerce and Industry Minister Piyush Goyal announced that he, along with External Affairs Minister S Jaishankar and Electronics and Information Technology Minister Ashwini Vaishnaw, will travel to Brussels on July 13 for the India-European Union Trade and Technology Council (TTC) dialogue. According to reports from PTI, Goyal stated that the dialogue will complement the recently concluded India-EU free trade agreement and help facilitate its implementation. The minister emphasized that their effort is to make the FTA easier to implement and benefit from going forward. "Our effort is that it becomes a supplement to the FTA which we have finalized and will help us to smoothen the edges and make it easier to implement and benefit from the FTA going forward," Goyal said. He added that their effort is that the TTC becomes a supplement to the free trade agreement which we have finalized and will help us to smoothen the edges and make it easier to implement and benefit from the FTA going forward.
On other trade negotiations, Goyal confirmed that talks on the proposed India-Canada free trade agreement are progressing well, with an Indian negotiating team leaving on Monday for the next round of discussions. As reported by Business Standard, the minister stated that India is trying to conclude it in the next six months. He also noted that an FTA with Peru is unlikely to be concluded soon as India has concerns over providing market access for several products. The next round of negotiations will take place in Canada, following the conclusion of the second round of CEPA talks on May 8.
Regarding the proposed India-Peru free trade agreement, Goyal revealed that negotiations face significant obstacles. According to Business Standard, he stated that negotiations for the proposed India-Peru FTA started in 2017, but progress has been limited due to market access concerns in certain products. "There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon," Goyal told reporters on the sidelines of the 17th Toy Biz International B2B Exhibition. The minister noted that negotiations for the proposed India-Peru FTA started in 2017, but progress has been limited due to market access concerns in certain products. India exported goods worth $1.4 billion to Peru during the last financial year, while imports stood at $8.87 billion, resulting in a trade deficit of $7.47 billion. Gold remains the dominant item in India's imports from Peru, with gold imports increasing 78.45 per cent to $7.9 billion in 2025-26 from $4.43 billion in the previous year.
Addressing the opening ceremony of the expo, Goyal revealed that India has an ₹18,000 crore toy market, of which imports account for around ₹2,500-3,000 crore, with the remainder manufactured domestically. As reported by PTI, the minister assured manufacturers that the existing Quality Control Order (QCO) for toys would remain in place to protect the domestic industry from unfair imports. He stated that while he's there, QCO will not be removed, and the government will also protect manufacturers from unfair dumping of imports. Speaking about the industry's future prospects, "I have absolutely no doubt that the toy industry is poised for a very remarkable future going forward," Goyal said, highlighting India's economic success story. Toy exports have increased by 239 per cent over the last four years, with the minister calling on the industry to aim for significantly higher growth in the coming years.
The minister proposed that the industry and government jointly establish a centre of excellence under a public-private partnership model for product design, testing and brand development. According to PTI, he urged companies to make use of India's nine FTAs, covering 38 countries, by sending business delegations overseas, participating in international exhibitions and building distribution networks. Goyal also announced that the government would support exporters through the Export Promotion Mission, including assistance for overseas warehousing during the initial years. Separately, addressing the Toy Biz International B2B Exhibition, Goyal urged manufacturers to tap opportunities arising from India's recent trade agreements and overseas market access initiatives. He said the government would establish modern testing facilities across toy manufacturing clusters through the Bureau of Indian Standards, National Test House and other laboratories to help manufacturers meet quality requirements in domestic and international markets.
