FTA talks on with several countries, including Oman, US, EU: Piyush Goyal

Doha: India is negotiating free trade agreements (FTAs) with several countries, including Oman, Chile, Peru, the US, and the European Union, Commerce and Industry Minister Piyush Goyal said on Monday.

The minister said India is now uniting itself with developed countries through these trade agreements.

"Today, the FTA negotiations are going on with Oman, with the European Union, with the US, with Chile, with Peru, with New Zealand, with Eurasia, and with many other countries, who have expressed their willingness to talk," he told reporters here.

The minister, who is here on a two-day visit, is leading a business delegation to discuss ways to boost trade and investments between India and Qatar.

Last month, the minister led an official delegation to New York for trade talks. After that meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.

Both sides held constructive meetings on various aspects of the trade deal.

During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.

Those deliberations were important as they took place after the US imposed a 25 per cent reciprocal tariff and an additional 25 per cent penalty on Indian goods entering the American market for purchasing Russian crude oil.

At present, a total of 50 per cent additional import duty is imposed on Indian goods.

In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).

It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been held. The pact is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

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 US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.