Piyush Goyal Highlights India’s Growing Global Trade Stature at ASSOCHAM Meet

Piyush Goyal Highlights India’s Growing Global Trade Stature at ASSOCHAM Meet

Analysis:

1. Union Minister for Commerce and Industry, Piyush Goyal, addressed the 105th Annual General Meeting and Annual Conference of ASSOCHAM in New Delhi, emphasizing India’s transformation into a confident and resilient global trading power.
2. The Minister underscored that India now negotiates trade agreements from a position of strength, reflecting the nation’s enhanced economic capability and credibility in international markets.
3. He highlighted that India is increasingly being recognized as a reliable and trusted trade partner, with its growing global engagement underpinned by strong macroeconomic fundamentals and policy stability.
4. Mr. Goyal cited India’s recently concluded Free Trade Agreements (FTAs) with Mauritius, Australia, the United Arab Emirates (UAE), and the European Free Trade Association (EFTA) as examples of India’s expanding global economic partnerships.
5. These FTAs are designed to open high-income markets for Indian exporters, encourage foreign investments, and facilitate the transfer of advanced technologies to boost domestic manufacturing and innovation.
6. The Minister noted that these trade pacts form part of the government’s strategy to integrate India with global value chains, aligning with the Atmanirbhar Bharat vision while ensuring mutually beneficial trade relationships.
7. Mr. Goyal also stressed the importance of ASSOCHAM’s role as a long-standing industry body in promoting industrial growth, policy advocacy, and global economic collaboration.
8. The address reflected India’s policy shift from defensive trade postures to proactive economic diplomacy, marking its emergence as a key player in shaping the global trading architecture.

Static Part:

1. ASSOCHAM (Associated Chambers of Commerce and Industry of India):
   • Established in 1920, it is one of India’s oldest apex trade associations.
   • Works as a bridge between industry and government, promoting economic growth, innovation, and global business ties.
2. Free Trade Agreements (FTAs):
   • Mauritius FTA (CECPA, 2021): India’s first comprehensive economic partnership agreement with an African nation.
   • Australia (ECTA, 2022): Enhanced cooperation in trade and investment, benefiting sectors like textiles, pharmaceuticals, and education.
   • UAE (CEPA, 2022): Strengthened bilateral trade, targeting $100 billion in non-oil trade within five years.
   • EFTA (2024): Boosts market access between India and EFTA nations — Switzerland, Norway, Iceland, and Liechtenstein.
3. Piyush Goyal:
   • Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles.
   • Key architect of India’s modern trade diplomacy and export promotion strategy.
     
     Updated - October 17, 2025 7:09 PM | News On Air