Commerce Minister Piyush Goyal announced India’s goal of achieving $2 trillion in exports over the next five years, with a target of $1 trillion for FY27. Despite global uncertainties, India’s total exports of goods and services reached a record high of $863 billion in FY26, driven by market challenges like the US tariff turmoil and geopolitical tensions. Goyal emphasized India’s resilience amidst global economic and geopolitical uncertainties arising from events like the war in Ukraine and tensions in West Asia due to the Iran conflict.
India’s free trade agreements (FTAs) now encompass more than two-thirds of global trade, according to the minister. The country is set to implement its FTA with Oman from June 1, with other FTAs expected to follow suit once the legal processes are finalized. The Comprehensive Economic Partnership Agreement (CEPA) signed with Oman in 2025 allows duty-free access for most Indian exports, including textiles, covering a significant portion of both countries’ tariff lines.
With ongoing efforts to enhance trade relations, India has activated trade agreements with the UAE, Australia, and the European Free Trade Association (EFTA) bloc. Additionally, agreements with the European Union and the United Kingdom are anticipated to take effect this year. Minister Goyal highlighted the importance of reducing logistics costs for India’s global competitiveness, unveiling reports focusing on logistics efficiency and advancements. The government’s strategic investments in infrastructure and delivery systems aim to streamline logistics operations nationwide, supporting India’s growth trajectory driven by sectoral investments, startup innovations, and a skilled workforce.
