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India’s trade talks; dismisses Trump’s ‘dead economy’ remark
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Commerce minister confident exports will surpass $825 billion despite US tariffs; highlights India’s growing global trade footprint
Commerce and Industry Minister Piyush Goyal on Friday underscored India’s robust trade diplomacy, revealing ongoing negotiations with multiple nations — including the United States, Oman, the European Union, Chile, Peru, and New Zealand — aimed at strengthening global partnerships despite rising tariff barriers.
Speaking at the BT India @100 event, Goyal projected that India’s exports in 2025-26 will exceed last year’s record $825 billion, citing the country’s demographic advantage and vast domestic market as powerful draws for international trade, reported timesofindia.indiatimes.com.
Goyal dismissed US President Donald Trump’s “dead economy” remark, asserting India’s 6.5% growth rate, strong fundamentals, and strategic trade agreements position it as one of the world’s fastest-growing large economies.
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India and the US have been in talks for a bilateral trade agreement since March, with the next round set for late August
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This comes in the wake of Washington’s imposition of a 50% tariff on Indian goods — 25% from August 7 and another 25% from August 27
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Despite the tariffs, Goyal said he sees no signs of de-globalisation, only a restructuring of trade routes and partnerships
He also cited recent agreements with the UAE, Mauritius, Australia, the European Free Trade Association (EFTA), and the UK, portraying India as a rising force in global commerce. On the India-UK trade pact, he reassured that Indian businesses are benefiting from access to the UK’s procurement market and brushed off concerns over issues like duties on Scotch whisky.
Goyal framed the current challenges as opportunities, pointing to India’s resilience during the COVID-19 pandemic. “The nation’s morale is high… India will emerge as the winner in any kind of crisis,” he said. He further criticized Congress leader Rahul Gandhi’s economic remarks as “unfortunate” and “fake narratives,” while defending the Election Commission against allegations of poll rigging.
