India is building a comprehensive network of free trade relationships that could eventually cover 75-80% of the world's economies, according to Commerce and Industry Minister Piyush Goyal. Speaking at a US Indian Community Foundation event in Chicago, Goyal revealed that India has significantly expanded its trade negotiations, with 31 free trade agreements concluded with developed and developing countries in the last 4-4.5 years. These newer agreements cover economies representing about $60 trillion in GDP, building on the previous agreements that covered economies representing about $10 trillion in GDP. Goyal announced that another six to eight negotiations are currently underway with economies representing about $15 trillion in GDP, positioning India as the centre of an international web of global trading relationships.
India has set an ambitious target of raising its total exports of goods and services from ₹71 lakh crore last year to ₹84 lakh crore this year. According to reports from Business Standard, Union Minister of Commerce and Industry Piyush Goyal announced this target, highlighting that merchandise exports have grown by more than 15% in the first six months of the current financial year despite global challenges. However, as per latest data from the Ministry of Coal, India's export composition remains concentrated on goods that fall into low- and mid-complexity categories, with the country's ranking unchanged since CY 2019.
The India-UAE Comprehensive Economic Partnership Agreement has delivered significant results, with bilateral trade doubling to around ₹8 lakh crore. As reported by Business Standard, Mr Goyal revealed that the two countries now aim to take this trade volume to ₹16 lakh crore by 2032. The UAE has already invested about ₹2 lakh crore in India and has indicated intent to invest another ₹2 lakh crore soon, with a long-term investment target of ₹10 lakh crore. This strategic partnership reflects the strong trust between the two nations, with the India-UAE FTA concluded in less than 90 days setting a global benchmark for bilateral trade agreements.
Goyal urged American and Indian-American entrepreneurs to participate in India's economic expansion as the country works towards growing from a $4 trillion economy today to a $30 trillion economy by 2047. Speaking at the USIBC roundtable on 'Startups & Innovation: Scaling Ideas, Investment and Growth', Goyal highlighted India's transformation into Viksit Bharat by 2047, when it marks 100 years of independence. He emphasized that India's 1.4 billion people have made a collective decision to build a developed country and achieve better quality of life, describing India as the fastest-growing economy with opportunities for investors and technology companies. During his Chicago visit, Goyal met with major US companies including Archer Daniels Midland (ADM) CEO Juan Ricardo Luciano and Aon CEO Greg Case, discussing expansion opportunities and deeper India-US business partnerships.
Cooperation is expanding across multiple sectors including space technology, shipbuilding, food security, agri-innovation, logistics, artificial intelligence, energy security and fintech. According to the reports, India's food and marine product exports already exceed ₹5 lakh crore, and the government wants to expand the One District One Cuisine initiative across the country. In the maritime sector, six areas of cooperation have been identified including modern ports, ship manufacturing, repair and container making, with a dedicated working group to be led by India's Ministry of Ports, Shipping and Waterways. The government is also focusing on expanding the One District One Cuisine initiative across the country to boost food exports.
