India on Fast Track to Global Trade Dominance

Union Minister of Commerce and Industry Piyush Goyal confidently addressed the Confederation of Indian Industry's (CII) Annual Business Summit, declaring substantial advancements in bilateral and free trade agreements. Talks with the United States for a Bilateral Trade Agreement (BTA) are advancing well, while an agreement with the European Union is also in the works.

Goyal highlighted several Free Trade Agreements (FTAs) on the horizon, including those with the UAE, Australia, the UK, and the four EFTA countries, noting New Zealand negotiations have launched. The EFTA countries have pledged a remarkable $100 billion in foreign direct investment to India over the next 15 years.

The minister emphasized India's strategic growth plans, aiming for a developed and prosperous nation by 2047. Citing India's crucial role in global economic dynamics, Goyal celebrated India's recognition worldwide and projected the country to become the world's third-largest GDP by 2027, reinforcing its status as the fastest-growing economy.

(With inputs from agencies.)