Piyush Goyal said India’s growing network of free trade agreements and strong infrastructure push will help the country achieve ambitious export targets.
May 18, 2026: Union Commerce Minister Piyush Goyal on Monday said India is aiming to achieve exports worth $2 trillion over the next five years, while setting a target of $1 trillion in exports for FY27. He noted that India’s total exports of goods and services reached a record $863 billion in FY26 despite global uncertainty caused by geopolitical tensions and tariff disputes.
Speaking at an event, Goyal said India continues to remain a strong economic performer even amid conflicts such as the Russo-Ukrainian War and tensions in West Asia. He added that India’s free trade agreements now cover more than two-thirds of global trade. The minister also announced that the India-Oman Comprehensive Economic Partnership Agreement is expected to come into effect from June 1 after both countries completed negotiations last year.
Goyal further said India’s trade agreements with countries including the UAE, Australia and the EFTA bloc are already operational, while pending agreements with the European Union and the United Kingdom are likely to take effect this year after legal ratification. He also highlighted the government’s focus on reducing logistics costs and improving infrastructure to make India more globally competitive through initiatives such as the LEADS and LEAPS reports.