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Informist, Tuesday, May 19, 2026

 

--Goyal: Must strengthen business processes in current global scenario 

--Trade minister: Businesses need to take advantage of FTAs

--CONTEXT: Comments by Trade Minister Goyal at an event in New Delhi

--Trade minister: Looking for greater exports of automobiles, electronics

 

NEW DELHI - Businesses must leverage the trade agreements signed by the government in the recent past to help achieve the target of $1 trillion of exports this financial year, Commerce and Industry Minister Piyush Goyal said Tuesday.

 

The government aims to achieve exports of $1 trillion in FY27, up from $863 billion in FY26.

 

India has signed several trade agreements in the recent past, including with the European Union and the UK. The EU trade agreement is expected to come into effect by the end of 2026, while the pact with the UK has been delayed because of steel import curbs imposed by Britain.

 

"You have to leverage these opportunities. Each of these FTAs will come into effect every few months but we don't need to wait for that," Goyal said at an event organised by the Associated Chambers of Commerce and Industry of India. "Let us capture the opportunity, we know jolly well it will happen."

 

Goyal urged the industry to actively engage with the rest of the world, and engage in sampling and trial orders well in advance of the trade agreements coming into effect. "I can assure you that we will, on our part, take every suggestion that you would send us," the minister said. "We would like to have a relationship of trust between you and the government.

 

Indian businesses need to strengthen processes in the current global scenario. The industry needs to not only focus on increasing exports such as textiles or footwear or leather, but also in "more value added products in automobiles or auto components," Goyal said. "We are looking for greater exports in electronics finished goods, in consumer goods, agro and agro-based value added products," the minister said.  End

 

Reported by Shubham Rana

Edited by Avishek Dutta

 

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