Speaking at the India Economic Summit 2025, the Union Commerce Minister Piyush Goyal said that India is currently in bilateral trade talks with 27 countries.
He said, “While the whole world is going through turbulent times, India is that one oasis of peace, progress and prosperity.”
India’s Q2 GDP growth of 8.2% in this fiscal year reflected the confidence Goyal voiced at the summit held at Republic Media Network’s Headquarters in Noida.
While confirming that the trade talks between Ottawa and New Delhi are currently underway, Union Minister Piyush Goyal said, “I already got a message from my counterpart from Canada. Next week we start discussing.”
On a similar note, he said, “South Africa has indicated the desire. And we are going to be talking to the group of Southern African nations called SACU (Southern African Customs Union).”
Coming to trade ties with Brazil, which also faced the brunt of 50% Trump tariffs, Goyal said President Lula and Prime Minister Modi have paved the way for “the next stage of a preferential trade agreement between Mercosur countries from Latin America and India”.
Notably, he said that India and Australia were in the second phase of a trade agreement.
Shedding light on the possibility of future trade agreements, he said a trade pact could be struck with nations like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The Union Minister’s remarks come at a time when global trade remains fragmented by protectionism and policy uncertainty and complex bilateral negotiations, particularly with the United States, are advancing despite ongoing headwinds.
The India Economic Summit 2025 is proudly presented by TVS Motor Company. This event is Co-Powered by Adani Group, and Nippon India Mutual Fund, whilst being held in association with Ravin Group, Bhutani Infra and ProstarM. The special partner for this summit is Engineers India Limited (EIL), and the state partner is the Haryana Government.
