The BRICS TimesUnion Minister Piyush Goyal Highlights Need for Reliable Partners and Robust Supply Chains Due to Recent Geopolitical and Economic Challenges
Union Commerce and Industry Minister Piyush Goyal announced on Friday (November 28, 2025) that India is actively negotiating balanced trade agreements with 14 countries and major blocs. These trade talks involve around 50 nations. Key partners include the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa, and the Latin American bloc Mercosur.
Successful Trade Pacts Completed
Addressing the Federation of Indian Chambers of Commerce and Industry (FICCI) annual general meeting in New Delhi, the minister confirmed progress on previous deals. Balanced and equitable trade agreements are already complete. These include pacts with Australia, the UAE, Mauritius, the United Kingdom (UK), and the four-nation EFTA (European Free Trade Association) bloc.
Self-Reliant India Vision Strengthens Under PM Modi
Minister Goyal stressed the current global requirement for reliable partners. He noted the increased need for strong supply chains. This urgency stems from recent geopolitical and economic challenges worldwide. “Under this approach, India is expanding its Free Trade Agreement (FTA) network,” he stated. India is also growing its economic partnerships. The country aims to build transparent, mutually beneficial, and equitable business partnerships through these efforts.
Referring to the Bhagavad Gita and Mahatma Gandhi’s Swadeshi movement, Goyal remarked on the concept of self-reliance. He said, “Self-reliance has historically guided India’s progress.” It remains the central focus of the nation’s economic strategy. “The focus on Aatmanirbhar Bharat (Self-Reliant India) under Prime Minister Narendra Modi’s leadership has further strengthened this vision.”
High-Quality Innovation at Lower Cost in India
Referring to the recent EFTA agreement, the minister highlighted a significant commitment. The group has pledged $100 billion in investment in India. This investment will focus on the manufacturing and innovation sectors. Goyal also emphasized India’s cost competitiveness in research. High-quality innovations made in India are available at a much lower cost. They are significantly less expensive compared to the US or Europe.
The Union Minister urged FICCI to adopt a mission-driven approach. This approach should support India’s journey towards becoming a developed nation by 2047. The focus areas include promoting innovation, deepening research and development, and strengthening industry-academia ties.
