Union Minister of Commerce and Industry, Shri Piyush Goyal, stated that India has finalized fair and balanced trade agreements with Australia, the UAE, Mauritius, the United Kingdom, and the four-nation EFTA bloc.

Currently, discussions are ongoing with 14 countries or groups that encompass nearly 50 nations, including the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa, and the Mercosur group. Shri Goyal made these remarks while speaking at the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi today.

Shri Goyal mentioned that the concept of self-reliance is fundamental in India's civilizational values, referencing the Bhagavad Gita and Mahatma Gandhi's focus on Swadeshi. He stated that self-sufficiency has traditionally steered India’s development and continues to be a core component of the nation’s economic approach. He stated that this vision has been reinforced by the emphasis on Atma Nirbhar Bharat under the guidance of Prime Minister Shri Narendra Modi.

Regarding the recent EFTA agreement, the Minister mentioned that the bloc has pledged to invest USD 100 billion in India in the areas of innovation and precision manufacturing. He emphasized India's cost-effectiveness in research and innovation, asserting that high-quality innovation conducted in India can be accomplished at a much lower cost than in Europe or the United States.

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He stressed the necessity for Indian industry to transcend outdated thinking and embrace a progressive and internationally competitive strategy

The Minister emphasized India's advantages in technology and innovation, backed by a youthful population, rising digital adoption, and an expanding talent pool. He stated that India's vast number of STEM graduates and extensive internet access foster significant potential in developing fields like applied artificial intelligence, automation, robotics, and deep-tech innovation.

He mentioned that the newly revealed $ 12 billion Research, Development and Innovation (RDI) fund, together with continuous assistance for startups and deep-tech sectors, will enhance India's innovation ecosystem even more.

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Shri Goyal highlighted the significance of enhancing skill development to equip India’s youth for upcoming prospects. He mentioned that, in contrast to numerous developed nations dealing with aging populations, India’s young demographic readily embraces new technologies and has already shown strong involvement with digital platforms. He stated that this preparedness enables India to take on a significant role in the worldwide technology scene.

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Emphasizing wider global trends, the Minister noted that recent geopolitical and economic issues have highlighted the necessity for reliable allies and robust supply chains. He claimed that India’s growing array of FTAs and economic collaborations is designed to establish enduring cooperation based on fairness, transparency, and mutual advantage.