Piyush Goyal
Met USTR Jamieson Greer in New Delhi (June 22–25) pressing for competitive tariff advantage before a US interim deal enters force. Overseeing six active FTA fronts: US, EU, UK, Canada, Israel, Oman.
Piyush Goyal is running the most ambitious trade-negotiation calendar in India's recent history, with six active FTA fronts converging in the summer of 2026.
The immediate priority is the United States. Goyal hosted USTR Jamieson Greer in New Delhi June 22–25 to finalize an interim trade pact both sides describe as nearly done. The sticking point is India's demand for a competitive tariff advantage over other exporting nations before entry into force. Goyal expects a first tranche by mid-July and has set a $500 billion bilateral trade target by 2030. Finance Minister Nirmala Sitharaman joined the Greer meetings, which also covered market access and supply-chain resilience.
The UK chapter is closing. The Comprehensive Economic Partnership Agreement and Double Contribution Convention enter force July 15, granting duty-free access for 99% of Indian exports. Goyal resolved a steel-safeguard dispute that had threatened the pact, with 85% of Indian steel exports shielded from new UK measures. He met UK Business and Trade Secretary Peter Kyle in London to align regulatory roadmaps and deployed 1,000 advisory personnel to help businesses use the deal.
The pipeline runs deeper. The EU FTA is targeted for a December signing and February-March 2027 implementation, opening duty-free access for roughly 93% of Indian shipments. Canada CEPA talks aim for a year-end conclusion with a $50 billion trade target. Israel opened as a new front, with negotiations underway to expand beyond defense into AI, telecom, and cybersecurity. The Oman CEPA entered force June 1.
Goyal is also pitching India as a global deep-tech hub. At the Bharat Innovates summit in Nice, he secured $254.5 million in funding commitments for Indian startups and announced the second startup fund-of-funds will be "almost entirely" dedicated to deep-tech. He launched UPI payments at Galeries Lafayette in Nice, extending the system to nine countries.
On their plate
Goyal hosted USTR Jamieson Greer in New Delhi June 22–25 to finalize an interim trade pact and lay groundwork for a broader bilateral agreement. The deal is nearly complete but Goyal insists India must secure a competitive tariff advantage over other nations before it takes effect; he expects a first tranche by mid-July. Long-term target: $500 billion in bilateral trade by 2030, with India also pushing for AI cooperation.
The India-UK Comprehensive Economic Partnership Agreement and Double Contribution Convention enter force July 15, 2026, granting duty-free access for 99% of Indian exports and extending social-security exemptions for Indian professionals from three to five years. Goyal resolved a steel-safeguard dispute that had threatened the pact — 85% of Indian steel exports are shielded from new UK measures — and deployed 1,000 advisory personnel to help businesses leverage the agreement. He calls CETA the most comprehensive deal India has signed and a template for future FTAs.
A new negotiation front: Israel's Economic Mission head Ofir Amami confirms both nations are negotiating an FTA covering goods and services, aimed at diversifying the relationship beyond defense into private-sector ties in AI, telecom, and cybersecurity. Goyal is credited as the driving force. Amami says the deal could be signed in the very near future.
Goyal joined Modi at VivaTech Paris and the Bharat Innovates Nice summit to position India as a global AI hub, citing a young workforce, the world's largest STEM graduate pool, and affordable data infrastructure. The Nice summit secured roughly $254.5 million in funding commitments for 80-plus Indian deep-tech startups across AI, semiconductors, space, and healthcare. Goyal announced the second startup fund-of-funds will be almost entirely committed to deep-tech and launched UPI payments at Galeries Lafayette in Nice, extending the system to nine countries.
Key relationships
Hosted Greer in New Delhi June 22–25 to finalize the US interim trade pact; both sides report near-completion.
Met in London to align regulatory roadmaps and DCC implementation ahead of CETA's July 15 entry into force; earlier met in New Delhi to resolve the steel-safeguard dispute.
Met at VivaTech Paris to expand fintech and space-tech collaboration under the recently concluded India-EU FTA framework.
Jointly received USTR Greer delegation to review market access and supply-chain resilience on the US interim deal.
Met in New Delhi June 1 to discuss leveraging India's FTAs for Assam's farmers, tea industry, and small businesses.
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