India’s Trade Minister Piyush Goyal Highlights Shift in Trade Approach Through FTAs

India’s Commerce and Industry Minister, Piyush Goyal, recently emphasized the significant impact of the country’s recent free trade agreements (FTAs), particularly the interim trade deal framework with the United States. According to Goyal, these agreements have signaled a structural shift in how New Delhi approaches global trade issues.

Addressing the audience at the ‘ET NOW Global Business Summit (GBS) 2026,’ Goyal reassured that India has safeguarded the interests of farmers during the negotiation of the trade deal with the US. He highlighted the importance of protecting local farmers and stated that over 95% of local farm produce has been shielded in the agreement.

Goyal also addressed the challenges faced by India’s textile sector, noting that the country struggled to compete with nations like Vietnam and Bangladesh. However, with the textile sector now open to Europe without duty and the US reducing reciprocal tariffs, India can now compete on a global scale.

Furthermore, Goyal mentioned that India will receive similar benefits on textile exports as Bangladesh under the interim trade agreement with the US. This move is expected to boost the competitiveness of Indian textile exporters in the global market.

Emphasizing the importance of FTAs, Goyal outlined three key principles – Trust, Transparency, and Time-bound certainty. He cited the India-EFTA agreement as an example of how India is reshaping its trade partnerships, particularly with the European Free Trade Association (EFTA) comprising Iceland, Liechtenstein, Norway, and Switzerland.

Goyal praised Prime Minister Narendra Modi’s proactive approach towards economic reforms, stating that India aims to become the third-largest global GDP in the near future. He highlighted the government’s commitment to driving economic growth and fostering strong trade relationships on the international stage.