Union Commerce and Industry Minister Piyush Goyal stated on Friday that India does not expect to conclude a Free Trade Agreement (FTA) with Peru in the near future due to unresolved differences over market access for several products. Speaking on the sidelines of the Toy Biz International B2B Expo 2026 in New Delhi, Goyal responded to a query from ANI, saying, "There are certain concerns. There are many products where we cannot offer them market access. So I do not see Peru FTA happening very soon."
India-Canada FTA Progressing Well
In contrast, Goyal indicated that negotiations for the proposed India-Canada FTA are advancing positively. He confirmed that the next round of talks is scheduled to begin on Monday, with the aim of concluding the agreement within the next six months. "Canada FTA is progressing well. I think my team is going on Monday for negotiations and we are trying that we should conclude it in the next six months also," he said.
India-Israel FTA Talks Continue Amid Crisis
Regarding the proposed India-Israel FTA, Goyal noted that negotiations and discussions are ongoing despite the ongoing crisis in West Asia, although the pace has slowed. "Israel, as you are aware, is currently having the West Asia crisis. Even then our negotiations, our discussions are going on, albeit a little slow. Let us hope that we can fast-track it after the peace process is over," he said.
India's Economic Success Highlighted by International Visitors
Addressing concerns about a global economic slowdown, Goyal pointed to India hosting over 50 international visitors at Bharat Mandapam as evidence of the country's economic success. He said, "Well, it's a clear sign of success story of India, making India, Aatmanirbhar Bharat. Prime Minister Narendra Modi has consistently encouraged Indian industry to focus on quality, economies of scale and sustainability. And I have absolutely no doubt that the toy industry is poised for a very remarkable future going forward."
Upcoming India-EU Trade and Technology Council Dialogue
Goyal also announced that he will travel to Brussels along with External Affairs Minister Subrahmanyam Jaishankar and Union Minister Ashwini Vaishnaw for the India-European Union Trade and Technology Council (TTC) dialogue with the European Commission. "We will all be going for a meeting with the European Commission. Dr Jaishankar, Shri Vaishnaw and I, the three of us will be in Brussels for our Trade and Technology Council dialogue with the EU," Goyal said. He added, "Our effort is that that becomes a supplement to the free trade agreement which we have finalized and will help us to smoothen the edges and make it easier to implement and benefit from the FTA going forward."
