“Today, (at) the cabinet (meeting), Prime Minister was saying, with all of these FTAs coming into operation during the course of this year, and many businesses already choosing to start developing businesses with these FTA countries…we have decided that this year, let us aspire for a $1 trillion export target,” Goyal said.
Also Read: Jaishankar meets Chilean FM Mackenna; discusses trade diversification, multilateral cooperation
In FY26, India’s exports rose 4.6% on-year, despite global economic uncertainties, including high US tariffs, the ongoing Russia-Ukraine war and the West Asia crisis, he said.
“It’s not impossible. We are opening the doors,” Goyal said, adding that the government has already reduced 42,000 compliance burdens and he has now asked the industry department to start working on easing all processes, procedures, policies and forms that businesses have to fill up, try to integrate databases and reduce the burden by taking things online.
India has finalised nine FTAs since 2021. These are with Mauritius, UAE, Australia, Oman, New Zealand, EU, UK and EFTA bloc. A framework for an interim trade agreement with the US has also been finalised.
“Four of which (FTAs) are already operational and another five will be in the next 12 months,” Goyal said.
On FTA utilisation, he said the ministry on Wednesday held a virtual meeting with over 1,100 participants, including industry associations, to apprise them of the benefits of these agreements.