India-Peru FTA not happening soon, says Union Minister Piyush Goyal

Union Commerce Minister Piyush Goyal stated that the India-Peru FTA is not expected soon due to market access issues. He noted that FTA talks with Canada are progressing well, while discussions with Israel have slowed but continue.

India does not expect to conclude a Free Trade Agreement (FTA) 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.

Goyal on India's Economic Success

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.

Updates on Other Trade Negotiations

India-Israel FTA

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.

India-Canada FTA

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.

India-EU Trade and Technology Council

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)

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