India is on track to expand its trade basket, with negotiations on proposed free trade agreements (FTAs) ongoing with Oman, New Zealand, Israel, Chile and the US, among others, said Commerce and Industry Minister, Piyush Goyal, on Wednesday.
New Delhi’s talks with Oman and New Zealand, especially, are on the last leg of the journey, said the minister, while discussions with South American nation, Chile, are also expected to be concluded soon.
While New Zealand Trade Minister, Todd McClay, is slated to land in India on Friday to take forward the FTA negotiations, Goyal said he recently met the Israeli Economy and Industry Minister, Nir Barkat, so that both sides could appoint their chief negotiators for the proposed pact after inking terms of reference (ToR) in Tel Aviv last month.
“We hope that the first phase will happen with Israel,” Goyal said at the Pravasi Rajasthani Divas.
Terming India as an “attractive destination for trade and global investors”, the minister said several countries are keen to have trade pacts with India.
With the US trade team currently in India for another round of talks, led by Deputy US Trade Representative (USTR) Rick Switzer, Goyal indicated he may meet the visiting official team.
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“Talks are continuously progressing with them. We are moving forward towards a bilateral trade agreement,” he said.
The US’ chief negotiator for the pact, Assistant US Trade Representative for South and Central Asia, Brendan Lynch, will also hold discussions with India’s chief negotiator and Joint Secretary in the Department of Commerce, Darpan Jain.
The visit is crucial as India and the US re-initiated talks to finalise the first tranche of the pact after hitting roadblocks earlier this year.
Commerce Secretary, Rajesh Agrawal, had recently stated that India is hopeful of reaching a framework trade deal before the end of this year.
This is the US officials’ second trip since the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market due to the purchase of Russian crude oil. So far, six rounds of negotiations have been held.
The US officials last visited India on September 16, followed by Goyal leading an official delegation to the US for trade talks on September 22. He had also visited Washington in May.
India and the US are having two parallel negotiations – one on a framework trade deal to address tariffs, and another on a comprehensive trade deal.
In February, leaders of the two countries directed officials to negotiate an agreement that increases bilateral trade to USD 500 billion by 2030, from the current USD 191 billion.
Meanwhile, the US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).
The country accounts for about 18 per cent of India’s total goods exports, 6.22 per cent of its imports, and 10.73 per cent of its total merchandise trade.
According to exporters, the agreement is important as India’s merchandise exports to the US declined for the second consecutive month in October, falling by 8.58 per cent to USD 6.3 billion due to the hefty tariffs imposed by Washington.
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