He added that the proposed FTA with the European Union is likely to be operationalised by the end of 2026, noting that EU member countries are keen to move ahead with its implementation at the earliest.
On other ongoing negotiations, the minister said the Terms of Reference (ToR) for an FTA with Canada are likely to be signed soon, possibly during the upcoming visit of Canadian Prime Minister Mark Carney to India.
Talks are also underway for FTAs with the Russia-led Eurasian Economic Union, Peru, and Chile, as well as for the expansion of the Preferential Trade Agreement (PTA) with the Brazil-led MERCOSUR bloc. Goyal further said that a review of existing FTAs with South Korea and the ASEAN bloc is in progress.
The first round of India–Israel FTA talks is scheduled to begin on February 23. Additionally, the Secretary General of the Gulf Cooperation Council (GCC) is set to visit India on February 23–24, as New Delhi looks to finalise an FTA with the West Asian trading bloc.
