India on track to cross $1 trillion exports this financial year, says Piyush Goyal

Commerce Minister Piyush Goyal stated India is on track to cross $1 trillion in exports this financial year. He also discussed ongoing trade deal negotiations with the US, UK, Canada, and other international partners.

India is on track to cross $1 trillion in exports in the current financial year, Commerce and Industry Minister Piyush Goyal has said. He added that industry would welcome the export figures for the first six months.

On the India-US trade deal, Goyal said the two countries had announced a framework for an interim trade agreement in February, but the pact would be finalised taking into account the changed circumstances. Addressing members of industry chamber PHDCCI on Saturday, he said the final agreement would reflect these developments. He did not elaborate on the changes, though the evolving US tariff landscape has led to further negotiations on the first phase of the bilateral trade agreement (BTA). India is seeking lower tariffs for its goods in the US market than those faced by competing countries.

Goyal earlier this month met US Trade Representative Jamieson Greer on the sidelines of the G20 trade ministers' meeting in Milwaukee, where they discussed issues related to the trade pact.

India is also negotiating trade agreements with several other partners and regional groupings, including Israel, Chile, the Gulf Cooperation Council (GCC) and the Russia-led Eurasian Economic Union (EAEU), Goyal said.

Ministers from the UK are expected to visit India next week, when the India-UK Joint Economic Commission meeting is also scheduled. Canadian ministers are also expected to visit next week, with Canada keen on pursuing a trade deal with India.

Goyal said the 2,117 global capability centres (GCCs) operating in India generate $100 billion in foreign exchange. These centres also pay taxes in India, use the country's infrastructure and create jobs, he added.