In the trade pact being negotiated with the US, India stands to gain a comparative advantage over other countries, he said. The minister also said that negotiations for an Investment Protection Agreement between India and the European Union are underway, while some legal changes are required for an agreement on geographical indications, and the ministry plans to present necessary legal amendments in Parliament.
Also read: India-US Trade Facilitation Portal records 3,500 registrations within months of launch: Piyush Goyal
Discussing future trade ties with China, Goyal said, “They (China) are also providing us important intermediate goods, important raw materials. If, in any particular product, we find that fair play or pricing is not proper, then there’s an established judicial process which is conducted. Other than that, we believe in the rules of fair play; we believe in the rules of open trade… We welcome suppliers to meet the growing needs of India.”
On being asked if India is considering a similar exercise with China after concluding trade pact talks with the EU, he said, “Yes, at some stage, maybe we will do that also.”
Goyal said he had met his Chinese counterpart in Yaounde, Cameroon, earlier this year and again in Delhi during the latter’s visit for the BRICS summit in September.
“We are open to working and encouraging free and fair trade with every country around the globe. We are looking to open markets in different countries on a reciprocal basis for our goods and services also. And I do hope that in the years to come we will see India becoming a major exporter of goods and services to China and the ASEAN region also,” he said.The minister said two weeks ago that India was working to rebuild its relations with China, but the last word on this journey had not yet been scripted.
China is India’s second-largest trading partner, with bilateral trade increasing 7.9% year-on-year in 2025-26 to $127.7 billion, while India’s trade deficit widened to $99.19 billion from $85 billion a year earlier.
On China’s new export controls on key machinery, including tunnel boring machines, the minister said, “We will work on it”.
Regarding exporters’ concerns on vessels skipping Indian ports and going to Chinese ports, he said shipping companies have assured them there will be no reduction in shipping services to India. “Our ministers are talking to them and assuring that there will be no reduction in shipping services to India. Look at the scorching pace of growth of India’s exports,” Goyal said.
FTA, capacity building
In the trade pact with the US, India will get an advantage over other countries and get preferential access, according to Goyal. “And in the US also, we will get a comparative advantage from other countries. We will get preferential access,” he said.
Earlier in the day, he said that India and the US had concluded most of the discussions for a proposed bilateral trade pact, and were now fine-tuning the agreement. India is negotiating FTAs with several countries and groups, according to Goyal, with talks with Chile “quite ripe” for conclusion and negotiations with Canada making good progress.
He said negotiations with the South Africa-led Southern African Customs Union (SACU) group had started. Botswana, Eswatini (formerly Swaziland), Lesotho and Namibia are its other members.
Also read: We will see India becoming major exporter of goods and services to China: Piyush Goyal
The two parties inked terms of reference in August to formally start negotiations towards a preferential trade agreement. Goyal also said that Mexico is “very” keen to have an early harvest trade agreement.
Commerce secretary Rajesh Agrawal is in Mexico City for a two-day visit to advance India-Mexico trade and economic ties.
Goyal expressed hope that the continuity of the government in Brazil following the election would help speed up negotiations to expand the Preferential Trade Agreement with the Mercosur bloc, which comprises Brazil, Argentina, Bolivia, Uruguay and Paraguay.
He added that negotiations with the Gulf Cooperation Council and Israel are slow for “obvious” reasons due to the West Asia crisis.