India targets $1 trillion exports as FTAs now cover two-thirds of global trade: Piyush Goyal

New Delhi: The network of free trade agreements (FTAs) now covers more than two-thirds of global trade, as India pushes toward an ambitious $1 trillion export target for the current fiscal year after hitting a record $863 billion in 2025-26, commerce minister Piyush Goyal said.

Speaking at the LEAPS Awards in New Delhi on Wednesday, Goyal said nine FTAs signed over the past three-and-a-half years have brought 38 economies to trade with India, with five more agreements set to become operational within 12 months. Earlier pacts with Japan, South Korea and the Association of Southeast Asian Nations are also part of the network.

The minister said India is actively negotiating trade agreements with Chile, the Maldives, the Gulf Cooperation Council (GCC), Canada, Eurasia, Mexico, SACU and Mercosur to expand trade engagement and market access. He said agreements with Chile and the Maldives are expected to be concluded before the end of the year.

The achievement comes as India seals market access before the global trade order, marked by high tariffs, the Ukraine war and the West Asia war, changes supply chains. Goyal said the disruptions should be read as opportunities for India to cut logistics costs and increase export competitiveness.

Services exports grew roughly 8.5–9% in 2025-26, while overall exports expanded nearly 5%, Goyal said. The government is now targeting $1 trillion in exports on a logistics overhaul pushed by Prime Minister Narendra Modi.

He also said reforms such as goods and services tax (GST), the decriminalisation of laws, reductions in compliance burdens, and the simplification of business processes are creating a more seamless business environment.

Goyal said India produces nearly 1.4 million STEM graduates annually and currently has around 1,700-1,800 Global Capability Centres (GCCs), with another 500 in the pipeline.

The Department for Promotion of Industry and Internal Trade (DPIIT) also released the Logistics Ease Across Different States (LEADS) 2025 report, which introduced a revised four-tier ranking framework for states and Union Territories.

Under the “Exemplars” category, Tamil Nadu emerged as the top-performing coastal state, Uttar Pradesh as the top-performing landlocked state, Mizoram as the top-performing northeastern state, and Delhi as the top-performing Union territory.

Among “High Performers”, Gujarat, Kerala, and Maharashtra featured among coastal states, while Haryana, Telangana, Chhattisgarh and Bihar were ranked among landlocked states.

The LEAPS 2025 awards recognised excellence across 13 categories.