India-Peru FTA unlikely to happen soon over market access concerns: Piyush Goyal
New Delhi, July 4
India does not expect to conclude a Free Trade Agreement with Peru anytime soon as differences remain over market access for several products, Union Commerce and Industry Minister Piyush Goyal said on Friday, while adding that negotiations with Canada are progressing well and talks with Israel are continuing despite the ongoing West Asia crisis.
"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," Goyal said while responding to a question asked by ANI on the sidelines of Toy Biz International B2B Expo 2026.
Responding to concerns over a global economic slowdown, Goyal said India's hosting of more than 50 international visitors at Bharat Mandapam reflects the country's economic success story.
"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," he said.
On the proposed India-Israel Free Trade Agreement, the minister said negotiations and discussions are continuing 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," Goyal said.
Speaking about the proposed India-Canada FTA, Goyal said negotiations are progressing well, with the next round of talks scheduled to begin on Monday.
"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.
The minister also said 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."
— ANI
Reader Comments
But what about Indian exporters who are waiting for better access to Latin American markets? Peru may be small but it's a gateway to the Pacific Alliance. We can't keep dragging our feet on every FTA just because of a few sensitive products. Need a balanced approach.
Canada FTA is the real prize here. With all the diplomatic tensions, it's impressive that trade talks are still on track. Hope our negotiators get a good deal for our dairy and agriculture sectors this time 🤞
I'm from Canada and I follow Indian trade news closely. The FTA could be huge for both sides. India's generic pharma and IT services would do well in Canadian market, and we have resources India needs. But the dairy issue is tricky - Canadian dairy farmers are very protective.
Goyal ji is absolutely right about the toy industry! The way Indian toys are making a comeback is amazing. From Chinese imports dominating to becoming an export hub - that's real Aatmanirbhar Bharat. 🚀
One area where I wish we were more aggressive is the EU FTA. The TTC is good but we need the actual trade agreement finalized. European markets are crucial for our textile and leather exports. Slow pace on FTAs is fine for small economies but EU and Canada should be prioritised.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.