Union Commerce and Industry Minister Piyush Goyal said on Friday (November 28, 2025) that India is talking to 14 countries and groups for a balanced trade agreement, which includes 50 countries including the US, European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and Mercosur, a group of Latin American countries.
Addressing the annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in the national capital New Delhi, the Union Minister said that balanced and equitable trade agreements have already been completed with Australia, United Arab Emirates (UAE), Mauritius, United Kingdom (UK) and the four-nation EFTA block.
PM The vision of self-reliant India has strengthened under Modi’s leadership – Goyal
The Union Minister said, “Due to the recent geopolitical and economic challenges, the world has felt the need for reliable partners and strong supply chains. Under this vision, India is expanding its Free Trade Agreement (FTA) network and economic partnerships. Through this, the country is trying to build equitable, transparent and mutually beneficial trade partnerships.”
Aatmanirbhar Bharat is a collective mission of every Indian. pic.twitter.com/0nrPacgl0t
— Piyush Goyal (@PiyushGoyal) November 28, 2025
Referring to the Bhagavad Gita and Mahatma Gandhi’s indigenous goods campaign, Piyush Goyal said, “Self-reliance has historically guided India’s progress and remains the core of the country’s economic strategy.” He said, “This vision has been further strengthened by the focus on self-reliant India under the leadership of Prime Minister Narendra Modi.”
High quality innovations can be achieved at low cost in India- Goyal
Referring to the recent European Free Trade Association (EFTA) agreement, the Union Minister said, “This group has committed to invest $ 100 billion in the field of innovation and manufacturing in India.” Referring to India’s cost competitiveness in research and innovation, he said that high-quality innovations done in India can be achieved at much lower costs than in Europe or the US.
The Union Minister urged FICCI to adopt a mission-driven approach to foster innovation, deepen research and development, strengthen industry-academia relationships and support India’s journey towards becoming a developed nation by 2047.
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