Trade agreements with US, EU to be concluded soon: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon.

All efforts are being made to boost exports to achieve the ambitious target of USD 2 trillion by 2030.

India has already signed free trade agreements with the UAE, Australia, and 4-nation EFTA (European Free Trade Association) bloc and negotiations have been completed with the UK, she said adding "with the US and the European Union, negotiations are really intensely going on and should come to conclusion sooner." 

  The emphasis now is on concluding more free trade agreements, she said while inaugurating Trade Conclave by India Exim Bank here.

Referring to the country's exports, the finance minister said total exports of goods and services reached a record high of USD 825 billion in FY25, achieving 6 per cent growth over previous year.

While global exports grew by only 4 per cent, India's exporters managed to fast-track and cross growth of 6.3 per cent despite global uncertainties on trade front, she said. 

 

Observing that exporters are "swimming against tides" , she assured all support to them and urged them to focus on innovation and finding newer markets for their products.

Speaking at the event, Financial Services Secretary M Nagaraju said India's growth prospects remain bright even as the world economy is troubled by geopolitical uncertainties and significant headwinds emanating from it.

"Even amidst all the global headwinds, India continues to be a beacon of hope," he said. 

 

Nagaraju said that India's exports, which the commerce ministry is "trying very hard" to integrate into the global value chain, are doing well irrespective of the challenges.

Exports from the pharmaceuticals and gems and jewellery sectors are showing resilience, he said adding in this endeavour, the finance ministry is committed to extending support through policy, schemes and financial aid.

"Our financial systems are strong with adequate capital and low non-performing assets," he said, adding, this gives strong support to India's financial needs.