Piyush Goyal

Datanomics: Indo-German trade needs 60+ yrs to hit €310 bn at current rate

India-Germany trade has grown at just 3.9% annually since 2014; reaching the proposed €310 billion target within a decade would require 27.1% annual growth.

Will develop tunnel boring machines if China puts curbs: Piyush Goyal

The commerce minister said India would also reduce dependence on China for critical inputs such as rare earths, with start-ups already developing motors that do not use rare-earth materials

India will never allow imports of genetically modified products: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India has never allowed imports of any genetically modified (GM) products and would not do so in the future, as it is a "very sensitive" issue. Addressing students of Kirori Mal College here, Goyal also said that dairy sector is "very sensitive" in the country and India has never given any duty concessions in any free trade agreement in this sector. "We are very sensitive to opening up to certain agricultural produce, certain goods that we are very strong on like marine products. We are very sensitive to opening our dairy. In fact, till date, we have never opened up dairy for anybody. "We are very sensitive not to allow any GM products to come to India and we have never allowed it and we'll never allow it in the future. We are sensitive to our religious sensitivities. So very often in foreign countries, they use calf meat or Rennet while producing their dairy products. We don't allow that in India. It is strictly got to be

FTAs to open $85 trillion market; traders need to expand footprint: Goyal

With India's trade pacts set to provide preferential access to its goods and services in countries with a combined GDP of USD 85 trillion in the coming years, the industry should look beyond the huge domestic market and step out of its comfort zone to expand globally, Union Minister Piyush Goyal said on Friday. He said that before 2014, India had implemented free trade agreements (FTAs) with countries having an aggregate GDP of USD 10 trillion. In the last four and a half years, the government has entered into nine trade pacts which covered 38 developed countries, having a GDP of USD 60 trillion. India is now negotiating seven to eight more agreements, which will add another USD 15 trillion, where India will get preferential access for its goods and services, the commerce and industry minister said at the 4th Edition Festival of Ideas here. Together, all these trade agreements cover markets accounting for about 76 per cent of global GDP, or "USD 85 trillion out of the world's total

US trade deal to give India strong comparative advantage, says Piyush Goyal

Commerce Minister Piyush Goyal says the proposed India-US trade agreement will protect farmers and other sensitive interests while strengthening India's position in global trade

US trade deal will protect all sensitive Indian interests: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India's bilateral trade deal with the US would protect all sensitive interests of the country, asserting that people would celebrate the agreement once its details are made public. He said that the opposition parties who are criticising the agreement lack understanding and knowledge about the subject. "The US free trade deal is sometimes sought to be politicised by a few elements... because of lack of understanding and lack of knowledge. Details are not yet fully out...I do not know what they (opposition parties) criticise. "But I have the courage of conviction to announce boldly that the US trade deal, once details are out, the people of India will celebrate that not a single sensitive interest of our commerce or any stakeholder has been compromised. On the contrary, India will stand at a very strong comparative advantage and trade is about comparative advantage," Goyal said here at the ISID-IDRA national conference. In

India would emerge as major exporter to China, Asean in coming years: Goyal

Commerce and Industry Minister Piyush Goyal has expressed hope that India would emerge as a major exporter of goods and services to China and the ASEAN region in the coming years. Goyal said he held meetings with his Chinese counterpart in Yaounde, Cameroon, and in New Delhi on the sidelines of the BRICS Summit. He added that India was open to promoting free and fair trade with every country. "They (China) are also providing us important intermediate goods, important raw materials. If in any particular product, we find that the fair play or pricing is not proper, then there's an established judicial process, which is conducted. Other than that, we believe in the rules of fair play; we believe in the rules of open trade ...we welcome suppliers to meet the growing needs of India," Goyal told reporters here. He was replying to a question on India-China trade relations in the coming years. The minister was here on a two-day official visit. "We are looking to open markets in different

Chile FTA talks nearing conclusion, Canada talks making progress: Goyal

India is negotiating free trade agreements (FTAs) with several countries and groups, with talks with Chile "quite ripe" for conclusion and negotiations with Canada making good progress, Commerce and Industry Minister Piyush Goyal has said. He said that negotiations with the South Africa-led SACU (Southern African Customs Union) group have started. The two have inked terms of reference (ToR) to formally start negotiations towards a preferential trade agreement in August. The five members of SACU are Botswana, Eswatini (formerly Swaziland), Lesotho, Namibia and South Africa. "I can see Chile's quite ripe for conclusion; Canada is making very good progress. We have just started SACU negotiations, so it may take some time (for conclusion)," Goyal told reporters here. He was here for a two-day official visit. Talking about other pacts, he said Mexico is "very" keen to have an early harvest trade agreement. He expressed hope that the continuity of the government in Brazil following the

India, US fine-tuning trade agreement; most discussions over: Goyal

India and the US have concluded most of the discussions for a proposed bilateral trade pact, and they are now fine-tuning the agreement, Commerce and Industry Minister Piyush Goyal said on Monday. "We have concluded most of the discussions and are fine-tuning the agreement," he said here while talking about the India-US trade agreement. The minister is here on a two-day official visit. He is accompanying a business delegation. Addressing the India-Netherlands Business Forum here, he said India has concluded nine free trade agreements in the last four and a half years. India and the US, in February, announced finalisation of the framework for the first phase of the bilateral trade agreement (BTA). However, changes in the tariff landscape in the US have led to further negotiations on the pact.

German firms see India as manufacturing, R&D hub, not just market: Goyal

German companies are increasingly viewing India as a strategic hub for manufacturing, research and development, and innovation alongside its role as a key consumer market, Commerce and Industry Minister Piyush Goyal has said. Addressing the media after concluding his two-day visit here, the minister said he held a series of bilateral meetings with representatives from companies including Siemens Healthcare, Bertelsmann Investment, Volkswagen and Skoda. "The CEOs echoed one message - German companies no longer see India only as a market, but as their partner, as a base for manufacturing, for research and development, for innovation," he said. German precision and research, combined with India's skill and talent to innovate and manufacture for the future, and investing in the India growth story, will change the global perspective and outlook toward India, he said. About 2,000 German firms currently have operations in India. The minister was here to discuss ways to boost trade and ...

Govt to bear certification costs for micro, small exporter under EPM: Goyal

In November last year, the government approved the mission with an outlay of ₹25,060 crore for six financial years

India-EU FTA may be operational in January-March, says Piyush Goyal

Commerce Minister Piyush Goyal said the India-EU trade pact would be signed by the end of 2026, while warning that European regulations and tariffs could hurt trade

India-US trade deal would be concluded at the earliest: Sitharaman

Finance Minister Nirmala Sitharaman on Friday expressed hope that the India-US trade agreement would be concluded at the earliest, in the interest of global trade and bilateral economic ties between the two countries. "I think recently the Indian Commerce Minister has also spoken that they expect and wish to have the agreement signed soon. Negotiations have been going on. I hope, in the interest of global trade and in the interest of trade between the two partners, India and US, the trade agreement gets concluded at the earliest," she said. Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US trade pact has been finalised and is undergoing legal drafting. On trade with China, Sitharaman said the growing trade imbalance and persistent restrictions on market access for Indian products remained major concerns, despite years of engagement with Beijing. India has consistently sought market access in China for products such as generic medicines, ..

First tranche of India-US deal close to conclusion, says Piyush Goyal

India and the US are finalising the legal text of the first tranche of their trade deal, with New Delhi seeking a competitive tariff advantage before operationalising the agreement

US trade pact to be operationalised once India gets competitive edge: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US trade pact has been finalised and is undergoing legal drafting. He expressed hope that it would be finalised soon and operationalised once India secures a competitive advantage over its peer countries. "US bilateral trade agreement's first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon and operationalise that once we get the competitive advantage over our peer countries," Goyal said here at an event. He also said that the free trade agreement between India and the European Union will be inked in December and would come into force from February or March next year.

India working to develop relations with China 'once again', says Goyal

Commerce Minister Piyush Goyal said India is working to develop relations with China again, but stressed that the journey remains unfinished and must ensure fair, stable engagement

India found itself 'let down miserably' during Covid, says Piyush Goyal

Goyal said India was left without essential equipment during the pandemic, prompting the push for self-sufficiency

India working to rebuild its relations with China, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India is working to rebuild its relations with China, but the last word has not yet been scripted on this journey. He also said India is open for joint ventures with any country, provided it gets a fair deal. "We are open to all countries around the world as long as we get a fair deal, as long as we ensure a continuity in the engagement, and as long as the geopolitical situation does not deteriorate. I think we had some concerns in the past. We are working to develop relations with China once again, but the last word has not yet been scripted on this journey," he said. He was speaking at the Bloomberg New Economy event. The remarks are important as China is India's second-largest trading partner. Bilateral trade between the two countries rose 7.9 per cent in 2025-26 to USD 127.7 billion from USD 118.39 billion in 2024-25. India's exports to China grew 36.62 per cent to USD 19.47 billion in 2025-26 from USD 14.25 billion

India-US relations 'very good'; don't see any problem: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India-US relations are "very good" and will only improve irrespective of changes in political thinking in the two countries. Goyal said that the bilateral relationship goes beyond trade and encompasses defence, technology, critical minerals and people-to-people ties. "Of course, it is already very good. I don't see any problem as we speak also. And to my mind, the relationship with the US that India enjoys is very substantive, very consequential for the world, being two large democracies," he said at the Bloomberg New Economy event here. He was responding to a question on whether India-US relations would improve after US president Donald Trump leaves office. "One must bear in mind that we have, it's not only about trade, which of course they are our largest trading partner and I think will continue to be in the years to come. And by and large, I don't see any problem in any agreements also with the United States," the ..

FTAs to push global carmakers to make in India, says Piyush Goyal

Piyush Goyal says calibrated tariff concessions on car imports under India's trade pacts with the EU and UK will help global automakers assess demand and encourage local manufacturing