India’s Chile trade deal nears finish line as Canada talks gather pace: Piyush Goyal

India’s trade negotiations with Chile are nearing conclusion, while discussions with Canada are gaining momentum, Commerce and Industry Minister Piyush Goyal said on Monday, highlighting New Delhi’s efforts to expand trade partnerships and open new markets for Indian goods and services.

Speaking at a press conference during his visit to the Netherlands, Goyal said negotiations with several trading partners were progressing. Mexico was also keen on an early harvest arrangement, while talks with the Southern African Customs Union (SACU) had recently begun.

“I can see Chile is quite ripe for conclusion; Canada is making very good progress,” Goyal said, outlining the status of India’s ongoing trade negotiations.

However, discussions with the Gulf Cooperation Council (GCC) could take longer due to the ongoing West Asia crisis, although India was ready to accelerate the process. The proposed trade agreement with the Eurasian region was still under assessment, Goyal said, adding that it covers goods but excludes services.

Trade deals to boost exports and jobs

India is pursuing trade agreements to improve market access for domestic businesses and create opportunities across sectors, including textiles, leather, footwear, agriculture, marine products, auto components and precision engineering.

Goyal said labour-intensive industries could benefit from lower duties under trade agreements, while improved access for agricultural and marine products could boost demand for goods produced by farmers and fishing communities.

Micro, small and medium enterprises (MSMEs) involved in manufacturing auto components and precision engineering products could also benefit from new opportunities, supporting employment generation.

The minister added that India was likely to see large-scale investments in modern technologies in the coming years as international businesses explore opportunities in the country.

Global capability centres see India as a preferred destination

On global capability centres (GCCs), Goyal said companies were increasingly considering shifting work to India instead of relocating Indian talent overseas.

Such a shift could help businesses reduce costs while boosting India’s foreign exchange earnings, tax revenues and domestic consumption.

The government has also strengthened its approach to trade negotiations through greater stakeholder consultations and standard operating procedures aimed at preserving institutional knowledge and protecting domestic sensitivities.

Goyal said India would expand international exhibitions and business delegations to help Indian companies explore overseas markets and familiarise foreign businesses with investment opportunities in the country.