SDG 9: Industry, Innovation, and Infrastructure | SDG 17: Partnerships for the Goals
Institutions: Ministry of Commerce & Industry | Federation of Indian Chambers of Commerce and Industry (FICCI)
Union Minister Shri Piyush Goyal addressed the 98th FICCI AGM, confirming India’s assertive trade strategy centered on the Self-Reliance (Atma Nirbhar Bharat) vision. India has finalized equitable Free Trade Agreements (FTAs) with partners including Australia, the UAE, Mauritius, the UK, and the EFTA bloc. Building on this success, India is currently engaged in negotiations for new FTAs with 14 countries or groups, covering nearly 50 nations, including the US, EU, Canada, and the GCC.
To ensure its global economic position, the government is coupling trade expansion with massive domestic capacity building. This is driven by a focus on innovation, backed by a USD 12 billion Research, Development and Innovation (RDI) fund and leveraging India’s young, skilled, and digitally-savvy demographic for leadership in AI and deep tech. Key initiatives under the PESTLE framework, such as the ₹76,000 crore Semiconductor Mission and legal reforms like the Atomic Energy Bill 2025 (opening the nuclear sector for energy sovereignty), are accelerating India’s trajectory towards becoming the world’s third-largest economy and a Viksit Bharat by 2047.
Policy Relevance: This aggressive trade diplomacy, underpinned by the new RDI fund and missions to secure strategic technology supply chains, is critical for achieving sustainable economic growth and institutional resilience by strategically integrating India with the global economy.
What is the EFTA bloc?→ The EFTA (European Free Trade Association) bloc is an intergovernmental organization comprising Iceland, Liechtenstein, Norway, and Switzerland. India’s recent trade deal with EFTA secured a commitment of USD 100 billion in investment toward India’s innovation and precision manufacturing sectors.
Relevant Question for Policy Stakeholders: How will the Ministry of Commerce track and ensure the rapid conversion of ongoing trade negotiations into commercially beneficial agreements within the next 18 months?
Follow the full news here: Ongoing trade negotiations with all major trading nations of the world at the 98th AGM of FICCI