India is poised to significantly reshape the global trade landscape by expanding partnerships with trusted allies such as the US, Indian Commerce and Industry Minister Piyush Goyal said during the 2025 edition of Carnegie India Global Technology Summit held in New Delhi.

Goyal underscored India’s rise as the fastest-growing major economy, pointing to an eightfold projected economic expansion over the next 20 to 25 years. He said this growth trajectory, driven by the aspirations of 1.4bn citizens, is generating robust domestic demand and economies of scale that are drawing global attention. India, according to Goyal, is well positioned to strengthen trade relations with nations that prioritise transparency, reciprocity, and fair play.

He noted that at least eight high-level foreign delegations had visited India over the past two years, signaling rising international interest in establishing strategic trade links with New Delhi. The Indian government’s current tariff protection measures, Goyal clarified, are "primarily directed at non-market economies engaging in unfair trade practices".

Without naming specific nations, he noted that these policies are aimed at shielding Indian industries from distortions caused by opaque and subsidised competition. On foreign influence, Goyal dismissed suggestions that New Delhi’s trade decisions were being shaped by external pressure. He stated that India’s strong domestic market and entrepreneurial youth provide a unique advantage, and that the country is in a position to pursue trade objectives independently.

While exports currently form a modest share of India’s GDP, the government believes the sector has significant room to grow. Turning to China, Goyal emphasised that India prioritizes its own strategic interests. He said that Chinese foreign direct investment (FDI) in India remains limited and has historically been minimal. Instead, New Delhi aims to integrate more closely with advanced economies committed to ethical business norms.

India’s 2019 decision to opt out of the Regional Comprehensive Economic Partnership (RCEP), he added, has been validated by current global economic realities. The minister also highlighted India’s substantial talent pool in science, technology, engineering, and mathematics (STEM), with women representing 43% of graduates in these fields. He expressed confidence that Indian innovators are prepared to develop research-driven solutions tailored to the nation’s needs, particularly if global dynamics create pressure on the domestic economy.

Commenting on the global trading order, Goyal urged reform of international institutions to ensure more equitable participation by developing nations. He said the World Trade Organization (WTO) must adapt to reflect the varying development levels of its members. He argued that prosperity in developed economies must not come at the expense of time and support for emerging and least-developed countries.

Goyal reiterated India’s commitment to multilateralism and the WTO framework, but stressed the need for reforms. He called for revisiting the classification of “developing countries,” greater clarity on digital commerce rules, and fair treatment in ongoing negotiations over agriculture and fisheries.

On fisheries, he criticised wealthier nations for not scaling down practices that have contributed to overfishing, thereby undermining the ability of developing countries to benefit equitably. On the subject of bilateral and regional trade agreements, Goyal said India’s free trade agreements (FTAs), including those under negotiation with the European Union(EU) and the US, are being pursued within the WTO framework. He emphasised that while timelines for these deals are important, national interest will remain the government’s top priority.

Referring specifically to the India-EU FTA, Goyal acknowledged progress but noted persistent hurdles, particularly regarding non-tariff issues such as climate regulations. He urged the European bloc to reconsider environmental-related trade conditions, arguing that such barriers are increasingly disruptive not just for India but for global commerce as a whole.

India's total merchandise exports stood at $437.1bn in fiscal 2023-24, according to government data. With the ongoing push for deeper integration into global value chains, Indian policymakers are banking on strategic partnerships and reforms to accelerate export-led growth in the years ahead.