Speaking virtually at the Citi India Conference 2026 in Mumbai, Goyal said the country was entering a phase where multiple trade agreements negotiated over the past few years would begin translating into commercial opportunities for businesses.
“On the 1st of June, the Oman-FTA came into effect. In the coming six months, you will see at least two or three more very substantive free trade agreements coming into effect,” Goyal said.
“Over the next year, you will see us executing at least another three or four significant free trade agreements and the coming into effect of all the nine free trade agreements over the next nine to ten months,” he added.
According to the minister, India has finalised nine FTAs over the past three-and-a-half years, including agreements with Mauritius, the UAE, Australia, Oman, the European Free Trade Association (EFTA), New Zealand, the UK, the European Union and the United States.
Trade agreements with Mauritius, the UAE, Australia, Oman and the EFTA bloc are already operational, while separate deals with the UK and New Zealand have been signed and are awaiting implementation.
The comments come as India accelerates its trade negotiations with major economies. The India-UK Free Trade Agreement was signed in 2025 and is expected to come into force after ratification procedures in both countries. New Delhi has also signed trade agreements with the European Union, while talks are continuing with the United States.Goyal urged businesses to invest for the long term and position themselves to benefit from the expanding network of trade agreements.
He said, “Industry should invest long-term capital as the early capital will obviously get the best of returns.”
The minister also highlighted India’s handling of energy supplies during the recent tensions in West Asia, saying the country’s diversification strategy had helped shield consumers and industry from disruptions.
“When the world feared a crisis, given our independence on the Gulf and the energy flowing from the Gulf passing through the Strait of Hormuz and also our major supplies coming from the Gulf, some of which have been badly affected and damaged during this West Asia crisis, India having already initiated the process of diversification of energy sources was quickly able to meet the needs of our countrymen so that through this crisis, we have been able to ensure uninterrupted supplies whether it is petrol and diesel, or aviation fuel, whether it’s LNG to the factories, LPG to the domestic consumers,” Goyal said.
He added that India had been able to maintain moderate prices and ensure uninterrupted availability of fuel and fertilisers despite global uncertainties.
“When the world is facing severe inflation, India has been able to moderate it,” he said.
The minister said the country continues to ensure adequate availability of fertilisers for farmers even as supply chains face challenges in several parts of the world.
(With inputs from PTI)