EFTA countries—Switzerland, Norway, Iceland, and Liechtenstein—have pledged long-term investment of $100 billion into India alongside their trade commitments, Goyal said.
Commerce and industry minister Piyush Goyal.(AFP)
New Delhi: India is stepping up its international trade efforts with commerce minister Piyush Goyal set to lead high-level business delegations to France and Italy next week.
The outreach comes amid growing global interest in India’s market and its role in global supply chains, with several countries together committing over $100 billion in foreign direct investment (FDI) into the country.
FTA diplomacy in overdrive
Goyal, after attending some key meetings in Paris, will travel to Italy with an industry delegation to deepen trade and investment ties.
A separate Indian business delegation is also expected to visit Switzerland around the same time. These visits reflect India’s expanding engagement with countries under its free trade agreement (FTA) strategy.
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“We have launched FTA talks with New Zealand, and just yesterday the New Zealand trade minister sent me a message looking forward to meeting in Paris next week,” Goyal said while speaking at the CII Business Summit on Thursday.
India has already concluded FTAs with the UAE and Australia, while negotiations with the UK have been completed and the deal is now in the process of being signed after final legal scrutiny, which is expected to take another 3–4 months.
A free trade agreement was also signed in March last year with the four EFTA countries—Switzerland, Norway, Iceland, and Liechtenstein. As part of this agreement, they have pledged long-term investment of $100 billion into India alongside their trade commitments.
“The $100 billion investment through the FDI route over the next 15 years is expected to catalyze nearly $500 billion in total investment when factoring in partner contributions and related inflows,” the minister said.
India’s bilateral trade agreement with the US is also nearing the final stage, and the minister said that it remains “well on track.” Additionally, FTA discussions with the 27-nation European Union are making steady progress.
The series of negotiations signals a broader effort by India to position itself as a trusted, rules-based trading partner at a time of increasing geopolitical uncertainty and supply chain disruptions.
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With India’s economy projected to be among the top drivers of global growth in the coming decades, the government is aiming to use trade deals not only to expand market access for its exports but also to attract deeper investments and technology transfers.
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Goyal to lead business delegations to Europe, says FTA talks with US, EU well on track
