BLURB
India continues to remain a strong economic performer despite ongoing geopolitical tensions and uncertainty in global markets
New Delhi
Union Commerce Minister Piyush Goyal said on Monday that India is aiming to achieve exports worth $2 trillion within the next five years, while setting a target of $1 trillion in exports for the financial year 2026-27.
The minister said India continues to remain a strong economic performer despite ongoing geopolitical tensions and uncertainty in global markets.
Speaking at an event, Goyal highlighted that India’s total exports of goods and services reached a record high of $863 billion during the financial year 2025-26.
He said the achievement came despite disruptions caused by global trade tensions, including tariff-related uncertainties linked to the United States and continuing geopolitical conflicts such as the war in Ukraine and tensions in West Asia arising from the Iran conflict.
The minister noted that India’s growing network of free trade agreements has significantly expanded the country’s access to global markets. According to Goyal, India’s FTAs now cover more than two-thirds of global trade, strengthening export opportunities for Indian industries across sectors.
He announced that India’s Comprehensive Economic Partnership Agreement with Oman is expected to come into force on June 1. India and Oman signed the agreement in December 2025 after several rounds of negotiations that began in November 2023. The deal provides duty-free access for most Indian exports, including textiles, to the Omani market.
Under the agreement, India will receive zero-duty access on more than 98 per cent of Oman’s tariff lines, covering over 99 per cent of Indian exports by value. In return, India will reduce tariffs on approximately 78 per cent of its tariff lines, covering nearly 95 per cent of imports from Oman. Sensitive sectors will continue to receive protection mainly through tariff-rate quota mechanisms.
Officials stated that bilateral trade between India and Oman reached $10.61 billion during 2024-25, representing an increase of 18.6 per cent compared to the previous year. The government expects the agreement to further strengthen trade and investment ties between the two countries.
Goyal also pointed out that India has already operationalised major trade agreements with countries and blocs including the United Arab Emirates, Australia and the European Free Trade Association. He added that agreements with the European Union and the United Kingdom are also expected to become operational later this year after legal ratification procedures are completed.
The minister said these agreements would help Indian exporters gain wider market access and improve the country’s position in global trade networks. He added that additional FTAs currently undergoing legal processes would gradually begin contributing to export growth in the coming months.
During the event, Goyal also released the Logistics Ease Across Different States report for 2025 and participated in the Logistics Excellence, Advancements and Performance Shield awards ceremony. He emphasized that reducing logistics costs has become an important national priority aimed at improving India’s competitiveness in international trade and manufacturing.