Piyush Goyal: India Entering New Era of Global Trade Despite Challenges

• Union Minister Piyush Goyal states India is beginning a new phase in global trade, strengthening its worldwide position.
• Acknowledges trade pressures like rising deficit and stress in merchandise exports due to geopolitical disruptions, but asserts impact is contained.
• Highlights strong growth in services exports, which consistently cushions volatility in goods trade.
• Combined trade deficit (goods and services) remains moderate, around 1-1.25% of GDP annually, with a surplus recorded four years ago.
• India has expanded its global trade footprint, opening access to 38 developed markets through FTAs, benefiting MSMEs, farmers, and new exporters.