India negotiates FTAs ​​with several countries to ensure free movement of capital, goods and services: Piyush Goyal

Industry and Commerce Minister Piyush Goyal said India was holding negotiations with the European Union, the United States, Oman, New Zealand, Chile, Peru and many other countries to facilitate free movement of capital, goods and services.

“These Free Trade Agreements (FTAs) come at a time when the global order is being rewritten, leading to huge volatility everywhere. Indian industries should be resilient in this scenario in order to benefit the entire humanity,” he observed.

Delivering his inaugural address at the 30th CII Partnership Summit 2025 in Visakhapatnam on Friday (November 14, 2024), Mr. Goyal said India was like an oasis in the desert amidst the turmoil happening in the world as it enjoyed the trust of many countries.

He noted that “he is talking with his counterparts and trade representatives from so many countries that he may have little room left to continue doing so.”

“Adoption of technology was indispensable for prosperity, and this trust had to be built through righteousness, for which global trade ties were encouraged,” the Union minister said.

“Focus has been on digital public infrastructure, expansion of renewable energy capacity and several other areas as India aims to become the world’s third largest economy in the near future,” he said.

Mr. Goyal said Ease of Doing Business (EoDB) continues to be an area of ​​focus, as a result, over 50 archaic laws have been removed and 42,000 compliances removed.

He stressed the need for countries to lower trade barriers to prosper and cooperate on technology and on various fronts. For its part, India is democratizing technology so that the population reaps immense benefits from it.