New Delhi, Nov 28 (UNI) India has concluded ‘’balanced and equitable’’ trade agreements with Australia, the UAE, Mauritius, UK and the four-nation EFTA bloc and is currently engaged in discussions with 14 countries or groups representing nearly 50 nations, Commerce Minister Piyush Goyal said on Friday.
EFTA refers to the European Free Trade Association, a group of four European countries including Iceland, Liechtenstein, Norway and Switzerland.
The 50 nations include the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and the MERCOSUR group. MERCOSUR is a South American trade bloc and common market established in 1991 to promote the free movement of goods, services, capital, and people among its members. Its full members are Argentina, Brazil, Paraguay, and Uruguay, with Bolivia having acceded in 2015. Venezuela’s membership has been suspended since 2016.
Addressing the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Goyal said the idea of self-reliance is central in India’s civilisational ethos, recalling references from the Bhagavad Gita and Mahatma Gandhi’s emphasis on Swadeshi. He said self-reliance has historically guided India’s progress and continues to remain central to the country’s economic strategy.
Referring to the recent EFTA agreement, the Minister said the bloc has committed to invest USD 100 billion in India across innovation and precision manufacturing.
Referring to India’s cost competitiveness in research and innovation, he said high-quality innovation undertaken in India can be achieved at a fraction of the cost compared to Europe or the United States. He emphasised the need for Indian industry to move beyond legacy mindset and adopt a forward-looking and globally competitive approach.
Highlighting India’s strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool, he said India’s large number of STEM graduates and widespread internet access create strong potential in emerging areas such as applied artificial intelligence, automation, robotics and deep-tech innovation.
He noted that the recently announced USD 12 billion Research, Development and Innovation (RDI) fund, along with ongoing support to startups and deep-tech industries, will further accelerate India’s innovation ecosystem.
Goyal emphasised the importance of strengthening skilling to prepare India’s youth for future opportunities. He said that unlike many developed economies facing ageing populations, India’s youthful demography is quick to adapt to emerging technologies and has already demonstrated high engagement with digital platforms. This readiness positions India to play a major role in the global technology landscape.
Highlighting broader global developments, the Minister said recent geopolitical and economic challenges have underscored the need for trusted partners and resilient supply chains. India’s expanding network of FTAs and economic partnerships is aimed at building long-term cooperation anchored in fairness, transparency and mutual benefit.
Goyal outlined India’s strengths through the PESTLE framework and said that politically, a stable and predictable government committed to “Minimum Government, Maximum Governance” has enhanced investor confidence.
In the economic domain, initiatives such as the National Manufacturing Mission and the Rs 25,000 crore Export Promotion Mission are supporting India’s rise towards becoming the world’s third-largest economy.
On the social front, he highlighted that the four Labour Codes ensure better wages and protections, while the Antyodaya approach has supported the fulfilment of basic needs.
The Minister urged FICCI to adopt a mission-driven approach to promoting innovation, deepening research and development, strengthening industry-academia linkages and supporting India’s journey towards becoming a developed nation by 2047.
Collective efforts of industry, government and citizens will be vital in enabling India to emerge as a resilient, competitive and self-reliant global economic power, the Minister added.
