New Delhi, May 18 (IANS) Commerce Minister Piyush Goyal said on Monday that India is targeting exports worth $2 trillion over the next five years, while pegging the overall exports target for FY27 at $1 trillion.

India’s total exports of goods and services increased to an all-time high of $863 billion in FY26 despite the uncertainties in global markets triggered by the US tariff turmoil and geopolitical tensions.

The minister said India continues to remain a bright spot amid global geopolitical and economic uncertainty caused by the war in Ukraine and tensions in West Asia due to the Iran war.

Addressing an event here, the minister said that India’s FTAs now cover over two-thirds of global trade.

The minister also said that India’s free trade agreement with Oman is expected to come into effect from June 1, while the FTAs signed with other countries are also likely to be implemented this year after the legal process is completed.

India and Oman signed a Comprehensive Economic Partnership Agreement (CEPA) on December 18, 2025, giving most Indian exports, including textiles, duty-free access.

The CEPA gives India zero-duty access on 98.08 per cent of Oman’s tariff lines, covering 99.38 per cent of Indian exports by value.

India will cut duties on about 78 per cent of its tariff lines, covering nearly 95 per cent of imports from Oman, with sensitive products given access mainly through tariff-rate quotas.

Talks for the free trade agreement began in November 2023 and were successfully wrapped up in August 2025 after five rounds of negotiations. The total volume of trade between India and Oman touched $10.61 billion in 2024-25, which represented a growth of 18.6 per cent over the previous year.

India has also operationalised trade agreements with the UAE, Australia, and the European Free Trade Association (EFTA) bloc, among others, while pacts with the European Union and the United Kingdom are expected to come into force this year.

“Other FTAs, which are going through legal ratification, will also start kicking in,” Goyal said.

The minister also released the seventh Logistics Ease Across Different States LEADS- 2025 report and the 4th ceremony for Logistics Excellence, Advancements, and Perform Shield- LEAPS 2025. He said that the government has taken reducing logistics costs as an urgent national mission to make India globally competitive.

He added that heavy investments are being made in infrastructure and delivery systems to ensure seamless logistics across the country. Goyal highlighted that the country’s growth remains strong, driven by continuous investments across sectors, rapid innovation by startups, and competitive labour costs backed by India’s skilled workforce.

–IANS

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