Page 8 - Piyush Goyal

Looking to fast-track trade pact review talks with Asean: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said discussions are underway with ASEAN to review the existing trade pact, and he is looking forward to fast-track the negotiations. The issue figured during the meeting between Goyal and his Malaysian counterpart T Zafrul Aziz. "Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from ASEAN on economic matters," Goyal said in a post on X. The ministers discussed the ongoing review of ASEAN India Trade of Goods Agreement (AITIGA) and addressing its challenges therein. "Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth," he said adding, "We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries". The remarks assume significance as the review talks are progressing slow. The review of the agreement is a ...

Resilient supply chains needed for agri sector, says Piyush Goyal

While the minister did not refer to any country, the statement came at a time when China has reduced exports of a critical fertiliser - di-ammonium phosphate - creating a global supply squeeze

India allocates additional ₹10,000 crore to support deep tech sector

The additional tranche part of Fund of Funds scheme to promote innovation, absorption of newer technologies and the deployment of newer tech in contemporary fields

'Modi will meekly bow to Trump': Rahul Gandhi slams PM over tariff deadline

Rahul Gandhi targets PM Narendra Modi over looming US tariff deadline as India continues trade talks; failure to finalise a deal by July 9 could trigger 26 per cent duty on key Indian exports to US

India ready to sign deals that protect its interests, says Piyush Goyal

Ahead of July 9 tariff deadline, Piyush Goyal emphasises that India will protect its national interest in ongoing trade negotiations, reiterates stance on sensitive sectors like agriculture and dairy

Govt to introduce scheme to boost toy industry, says Piyush Goyal

The commerce and industry minister said the scheme will look to enhance design capabilities, ensure quality manufacturing, strengthen packaging and support brand-building

No trade deal under pressure; India's interest first, says Goyal on US pact

India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded and in the national interest, Commerce Minister Piyush Goyal said on Friday. He also said that India is negotiating free trade agreements (FTAs) with different countries, including European Union, New Zealand, Oman, the US, Chile, and Peru. FTAs are possible only when both sides get benefitted and it should be a win-win agreement, he told reporters when asked about the proposed interim trade agreement with the US. "National interest should always be supreme. Keeping that in mind, if a deal is made then India is always ready to deal with developed countries," Goyal said. When asked if an interim trade agreement between the two countries is possible by July 9, he said, "India never does any trade deal based on deadline or time frame. When the deal is done properly, and is completely finalised and is in the country's .

India extends curbs on low-ash met coke imports for six more months

India has extended import curbs on low-ash metallurgical coke, a key steelmaking input, from July 1 to December 31, 2025, to regulate supply and trade

Govt will protect textile sector in US trade deal: Goyal tells export body

Commerce and Industry Minister Piyush Goyal has assured industry bodies that the government will protect the interests of the textiles and apparel sector in the proposed trade agreement with the US, AEPC said on Friday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said he, along with TEXPROCIL (Cotton Textiles Export Promotion Council) Chairman Vijay Agarwal, met the minister to apprise him of key concerns related to the proposed agreement. "The minister gave a patient hearing to the concerns raised and assured the delegation that the government is committed to protecting labour-intensive sectors during the ongoing negotiations under the India-US Bilateral Trade Agreement," the council said in a statement. The minister also reiterated that all necessary steps would be taken to ensure that India's interests, especially those of vulnerable sectors like textiles and apparel, are safeguarded. It further said that if the US will go ahead with the additional 26 per cent

India on track to be $5 trn economy by 2027 despite global risks: Goyal

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also hailed the government's decade-long economic reforms as transformational rather than incremental. "We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to 'Viksit Bharat' by 2047," Goyal said. Taking note of the global economic volatility and geopolitical headwinds, the minister said India must navigate turbulent waters with unity and determination. "Great economies aren't built in calm waters. This is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations," he said. Goyal .

Govt holds wide FTA talks to protect domestic industry: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday said the government holds extensive stakeholder consultations on the free trade agreements (FTAs) and is pursuing these pacts while keeping in mind the interests of the domestic industry. He said that India is keeping in mind both the offensive and defensive interests of industry while negotiating these agreements. "We do all our FTAs after holding extensive stakeholder consultations and meetings. We address their (industries) concerns and needs," he told reporters here on the sidelines of an event commemorating the third anniversary of the opening of Vanijya Bhawan. He added that India is negotiating FTAs with those trading partners which do not compete with the country but rather complement its economy so that industry and people get benefitted from that. "Going forward also, we will do FTAs which will keep in mind national and public interests," he added. Talking about the Bhawan, Goyal said it is a symbol of modern, efficie

India-UK free trade pact provides predictability to business: Piyush Goyal

The India-UK Free Trade Agreement (FTA) brings "stability and predictability" for businesses in both the countries, Commerce and Industry Minister Piyush Goyal said on Wednesday. During a session at the India Global Forum (IGF) UK-India Week titled 'Agreement to Action in the UK-India FTA', the minister shared his optimism around the "good marriage" agreed between both the countries, which will lead to doubling the bilateral trade in five years. "A free trade agreement brings stability and predictability to the relationship between two countries," said Goyal. "That gives confidence to business to start investing in each other's economy and I think this will also pave the way for greater investments in the two economies, add to our trade in goods and services... India and UK can partner in innovation to work together to bring more resilient supply chains, working with each other, complementing each other and adding value and profits to both countries," he said. Earlier in the day th

Piyush Goyal to visit UK to push India-UK FTA towards implementation

Commerce minister's UK visit will focus on reviewing FTA negotiations, establishing a roadmap for finalisation, and expanding trade, investment, and creative partnerships

Piyush Goyal in London to discuss FTA, ways to promote trade, investment

Commerce and Industry Minister Piyush Goyal is in London on a two-day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) and explore ways to boost trade and investment between the two countries, an official statement said on Wednesday. During the visit, Goyal will hold a bilateral meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds. "Both leaders will review the progress made in the ongoing FTA negotiations and chart out a clear, time-bound roadmap for its finalisation and implementation," the commerce ministry said. India and the UK had announced the conclusion of the FTA on May 6. The pact aims to eliminate duties on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of UK products like whisky and cars. It targets to double trade between the two economies to USD 120 billion by 2030. The agreement is yet to be formally signed and implemented. The minister will also

India moves to conserve rare earths, seeks halt to exports to Japan

In a recent meeting with auto and other industry executives, Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths

India-EU FTA nears completion, says Goyal; focus now on non-tariff barriers

Piyush Goyal's remarks come just days after he claimed that the FTA between India and the four-nation European bloc will bring stability, predictability, and continuity to businesses in the regions

China's rare earth ban to have short term hit; seeking alternatives: Goyal

Union Minister Piyush Goyal said that the Indian embassy is in dialogue with China and the commerce ministry is also working on the issue

India-EFTA trade pact to boost stable, predictable business ties: Goyal

The free trade agreement (FTA) between India and the four-nation European bloc EFTA will bring stability, predictability and continuity to businesses in the regions, Commerce and Industry Minister Piyush Goyal said on Tuesday. He said while India provides huge market and skilled professionals, Switzerland has advanced manufacturing capabilities. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "The agreement will give stability, predictability and continuity in the partnership," Goyal said here while addressing businesses of both regions. The agreement is expected to be operationalised from October. He added

No declining trend in FDI, India seeing renewed inflows: Piyush Goyal

There is no declining trend in Foreign Direct Investments (FDI) into India, though periodic fluctuations may occur sometimes due to global interest rate changes, Commerce and Industry Minister Piyush Goyal has said. He added India is seeing renewed overseas inflows and the government is open to suggestions and will adopt new measures to promote FDI in the country. Over the last eleven financial years (2014-25), India attracted FDI worth USD 748.78 billion, an increase of 143 per cent over the previous eleven years (2003-14), which saw USD 308.38 billion in inflows. Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, underscoring India's growing global appeal as an investment destination. Given these figures, "I don't think that there is any declining trend, periodically there may be some changes, and that happens more due to changes in interest rate cycles in other countries, so if the bond yields in some countries become exorbitantl

Govt may start scheme to help MSME exporters register in new markets: Goyal

The government is considering formulating a scheme to fund exporters, especially MSMEs, in registering new products in new markets with an aim to boost the country's outbound shipments, Commerce and Industry Minister Piyush Goyal has said. He added that the entire cost of such registration will be funded by the government. "I am thinking of coming out with a scheme that any MSME that needs to spend any amount of money to register their products any where in the world, particularly for new products, new markets, new exporters, the government will fund the whole cost," Goyal said here on June 9 while addressing Indian business delegation. The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. This scheme is expected to be part of the Export Promotion Mission (EPM), which was announced in the Budget. It may include 12 components, including easy credit schemes for MSMEs, e-commerce exporters