PIYUSH GOYAL
Quality control can be eased for trusted partners: Piyush Goyal
The minister, on a four-day visit to Switzerland and Sweden, said discussions on 90% of content were complete on India-EU FTA, with services and rules of origin negotiations slated to start from Monday. However, he said, key issue to be addressed is non-tariff barriers to make it easy to do business.
India open to mutually beneficial arrangements on QCOs with trusted partners: Piyush Goyal
India is open to mutually beneficial arrangements with trusted trading partners regarding quality standards, according to Commerce and Industry Minister Piyush Goyal. India aims to promote the manufacturing of quality goods through Quality Control Orders (QCOs), ensuring equal treatment for both domestic and foreign suppliers.
India's goods, services exports may cross $900 billion this year: Piyush Goyal
Commerce and Industry Minister Piyush Goyal anticipates India's goods and services exports to surpass USD 900 billion in 2025-26, even amidst global economic uncertainties. Despite challenges like the Russia-Ukraine conflict and the Red Sea crisis, India's exports reached a record USD 825 billion in 2024-25.
Piyush Goyal says addressing non-tariff barriers key to India-EU trade pact
Commerce and Industry Minister Piyush Goyal announced that India and the EU are nearing completion of FTA talks, with significant progress made in resolving non-tariff barriers. Goyal highlighted that over half the chapters are ready and market access is almost 90% complete. Discussions are ongoing to address regulatory hurdles and promote smoother trade.
US trade pact set for early finish: Piyush Goyal
India and the US are progressing towards a trade agreement. The target is before fall 2025. Piyush Goyal highlights India's strong position with existing FTAs with various nations. Discussions are ongoing with the US, EU, Peru, Chile, and Oman for further trade agreements. Goyal notes the world recognizes India's growing economic strength.
Swiss part of EFTA deal to be implemented by October: Piyush Goyal
Commerce Minister Piyush Goyal announced the EFTA trade deal's Swiss component is expected by October 2025, following ratification by Iceland, Liechtenstein, and Norway. He urged Swiss businesses to invest in India, highlighting its technological advancements and skilled workforce.
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Proposed national e-commerce, retail trade policies under discussions: Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced revisions to the national e-commerce policy to reflect the sector's rapid evolution. Simultaneously, the retail trade policy is under review due to its interconnectedness with e-commerce. DPIIT has sought input from the National Traders' Welfare Board for the retail policy, aiming to streamline trade, improve ease of business, and promote digitization.
Challenging times for global trade; India will certainly cross USD 825 bn exports this fiscal: Piyush Goyal
Despite global economic uncertainties, India's exports reached a record USD 825 billion in 2024-25, and are projected to surpass this figure in 2025-26, potentially reaching USD 1 trillion. The growth is attributed to diversified sourcing and new free trade agreements with countries like the UAE and Australia.
Govt may help MSMEs register products abroad: Piyush Goyal
Piyush Goyal announced India's plan to launch a scheme supporting MSMEs in registering products overseas, aiming to boost exports of value-added goods. He highlighted ongoing FTA negotiations with the EU, New Zealand, and Oman, anticipating a deal with the EU soon.
We are 'really very near' to concluding FTA with EU: Piyush Goyal
Commerce Minister Piyush Goyal said India and the European Union are close to finalising a free trade agreement, with only a few issues remaining. Talks resumed in 2022 after a nine-year gap. The proposed deal covers 23 policy areas. In 2023-24, bilateral goods trade stood at $137.41 billion, and services trade at $51.45 billion.
India's story - in 30 years from 270 billion to 4 trillion dollars: Piyush Goyal
Piyush Goyal highlighted India's economic growth at the Swissmem Industry Day. India's economy has grown significantly in three decades. India aims for substantial economic expansion by its 100th independence anniversary. Goyal emphasized opportunities for Swiss businesses in India. He mentioned the upcoming Trade and Economic Partnership Agreement.
No declining trend in FDI into India: Piyush Goyal
Commerce and Industry Minister Piyush Goyal asserts that India's FDI is not declining, citing a 143% increase over the past eleven years. Inflows reached USD 81 billion in 2024-25, the highest in three years, with Singapore leading as the top source. The government remains open to suggestions for further promoting FDI, despite quarterly fluctuations.
Govt considering scheme to help MSME exporters register goods in new markets: Goyal
The minister is in Switzerland on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries.
China's rare earth curbs a 'wake-up call' as India builds alternative supply chains: Piyush Goyal
Piyush Goyal addressed China's rare earth export restrictions as a global wake-up call, highlighting India's efforts to build alternative supply chains. He acknowledged short-term challenges for the automotive and white goods sectors but expressed confidence in overcoming them through collaboration and innovation. India aims to become a trusted partner for businesses seeking to reduce dependence on Chinese suppliers.
India-EFTA trade pact to come into effect in September: Piyush Goyal
India’s trade pact with the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Iceland, and Liechtenstein—will take effect by September, Commerce Minister Piyush Goyal said. The deal includes a $100 billion investment commitment over 15 years.
India always ready to conclude trade pact with low hanging fruits: Piyush Goyal on US trade deal
India is keen to finalize a trade agreement with the US by initially focusing on easily achievable aspects, according to Commerce Minister Piyush Goyal. Discussions are underway in New Delhi, with hopes of an interim deal before July 9. Both nations aim to significantly increase bilateral trade to USD 500 billion by 2030, building on the existing USD 191 billion.
We will have our big four in India soon: Goyal
Commerce and Industry Minister Piyush Goyal announced the government's efforts to foster the growth of large domestic accountancy firms in India. He envisions the emergence of India's own "big four" in the accountancy and consultancy sector. Goyal noted that previous regulations hindered mergers, but a shift in mindset is paving the way for this development.
India-EFTA trade pact likely to be implemented from September: Piyush Goyal
India and EFTA's trade agreement may start in September. Piyush Goyal mentioned this after the agreement was signed on March 10, 2024. India will receive USD 100 billion investment in 15 years. Approvals are in progress. Goyal is in Switzerland to boost trade. Swiss firms are interested in pharma and cybersecurity sectors. There is excitement for India.
Piyush Goyal to meet Swiss, Swedish business leaders; to discuss trade, investments
Piyush Goyal will visit Switzerland and Sweden this week. He will meet business leaders to discuss trade and investments. The visit aims to strengthen bilateral economic ties. Discussions will cover sectors like pharma, engineering, and high-tech manufacturing. Goyal will also explore opportunities from the India-EFTA agreement. In Sweden, he will co-chair a joint commission.
US trade team said to extend India stay as talks gather momentum
US and India are in trade talks. A US trade team is in India for negotiations. The team has extended its stay, signaling progress. Both countries aim for an early agreement by July. Reciprocal tariffs are facing legal challenges. Piyush Goyal met Howard Lutnick in May. Lutnick is optimistic about a trade deal soon. India hopes to avoid reciprocal tariffs.
Had a fruitful meeting with UK Foreign Secretary David Lammy: Piyush Goyal
Union Minister Piyush Goyal and UK Foreign Secretary David Lammy convened to enhance bilateral trade and fortify collaboration across sectors, aiming to fully realize their Comprehensive Strategic Partnership. Both leaders lauded the progress in finalizing the historic India-UK FTA, anticipating a significant boost to their growing relationship.
India & Italy agree to deepen ties in aerospace, agri, energy transition
India and Italy are set to boost collaboration in key sectors like aerospace, energy transition, and agriculture, as announced by the government. Both nations aim to establish joint working groups in the automobile and space industries, while also exploring opportunities in sustainable agriculture and renewable energy. Furthermore, they intend to facilitate the movement of skilled professionals between the two countries.
EU, India will beat expectations by wrapping up FTA talks early: Piyush Goyal
India and the European Union are working to finalize the Free Trade Agreement talks before the deadline. Piyush Goyal met Maros Sefcovic multiple times to speed up negotiations. India-Italy bilateral trade is currently suboptimal. India proposed an industrial enclave for Italian companies in India. The aim is to boost trade, investment, and tourism between the two nations.
World must recognise risks of critical mineral supplies being concentrated in few regions: Piyush Goyal
Piyush Goyal cautioned about the risks of critical mineral supply chains being concentrated in specific regions, potentially hindering global economic progress. He highlighted the potential for increased collaboration between India and Italy in the critical minerals sector. India is actively promoting domestic R&D to reduce reliance on specific critical minerals.
Piyush Goyal proposes developing industrial enclave for Italian businesses in India
Commerce and Industry Minister Piyush Goyal proposed developing industrial conclaves in India for Italian businesses to boost investments. He suggested setting up manufacturing units and offices in these enclaves, offering a 'home away from home' environment with amenities like hotels and healthcare.
India gets major investment boost during Piyush Goyal's Italy visit as top firms pledge expansion, increased commitments
Piyush Goyal's Italy visit has yielded positive results. Italian firms are planning expansions in India. Carraro Group will invest Euro 350 million. UFI Filters will double its investment. Toschi Vignola will increase its Indian operations. These moves will boost 'Make in India'.
Piyush Goyal meets Italian business leaders in Milan, to co-chair meeting with Italy’s Deputy PM
Piyush Goyal is visiting Italy to boost economic ties. India and Italy will explore collaboration in areas like the India-Middle East-Europe Economic Corridor. They will also focus on Industry 4.0, agritech, and energy transition. Goyal will co-chair the India-Italy Joint Commission for Economic Cooperation with Antonio Tajani.
Piyush Goyal pushes for bigger India-France trade game
Piyush Goyal asked businesses to identify areas of trade where the two sides can help each other in crossing the Rubicon of regulation. "Indian businesses are foxed navigating between the EU regulations and individual regulations in member countries," Goyal said while addressing businesses of India and France.
Piyush Goyal discusses opportunities in Indian shipping sector with Singapore
Commerce and Industry Minister Piyush Goyal met with Singapore's Deputy Prime Minister Gan Kim Yong in Paris to discuss strengthening economic ties, particularly in the Indian shipping sector. Goyal highlighted India's significant opportunities, aiming to boost trade and reduce transportation costs.
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