Goyal: India remains committed to engaging for best trade deal

Goyal: India remains committed to engaging for best trade deal

India’s Commerce and Industry Minister Piyush Goyal has reaffirmed the country’s commitment to securing favorable trade agreements, emphasizing that India has concluded nine free trade agreements with 38 nations, providing preferential access to nearly two-thirds of global markets. These agreements, Goyal stated, are critical for expanding Indian exports of goods, services, and labor-intensive sectors while enhancing integration into global value chains. Ongoing negotiations with countries such as Canada and Chile underscore India’s proactive approach to broadening trade partnerships.

Recent developments in U.S.-India trade relations highlight the evolving dynamics. In February 2026, both nations agreed to reduce U.S. tariffs on Indian exports from 50% to 18%, with India committing to purchase $500 billion in U.S. goods over five years. However, the U.S. Supreme Court's invalidation of former President Trump’s emergency tariffs has introduced uncertainty, prompting India to postpone a planned delegation to Washington to reassess safeguards against future unilateral actions. Goyal has stressed that India seeks to maintain trade ties while protecting domestic economic priorities, reflecting a balance between strategic autonomy and global engagement.

Goyal also highlighted India’s human capital and technological potential as key growth drivers. With 2.3 million STEM graduates annually, India is positioned to adapt to AI-driven transformations in employment, creating opportunities in cybersecurity, data governance, and high-value sectors. The Atmanirbhar Bharat (self-reliance) initiative, he noted, focuses on building resilient supply chains through global collaboration rather than isolation.

Analysts observe that India’s trade strategy is increasingly shaped by geopolitical considerations. While the U.S. deal stabilizes market access, it also aligns India with Washington’s priorities, necessitating careful calibration to avoid overdependence. Meanwhile, India’s focus on infrastructure, manufacturing, and domestic consumption remains central to its growth trajectory, with trade agreements serving as complementary tools rather than standalone catalysts.

As India navigates complex global dynamics, Goyal’s emphasis on strategic partnerships and innovation underscores a long-term vision to strengthen economic resilience and global competitiveness.