New Delhi: On Tuesday, Finance Minister Nirmala Sitharaman announced that discussions regarding the anticipated free trade agreements with the United States and the European Union are advancing swiftly and are expected to reach completion soon.

She emphasized that significant efforts are underway to enhance exports, aiming for an ambitious target of USD 2 trillion by the year 2030.

India has already established free trade agreements with the UAE, Australia, and the four-nation EFTA (European Free Trade Association) bloc, with negotiations with the UK also finalized. She stated, "Intense negotiations are ongoing with the US and EU, and we anticipate concluding them shortly."

During the inauguration of the Trade Conclave hosted by India Exim Bank, she highlighted the importance of finalizing additional free trade agreements.

Sitharaman also referenced the Budget announcements regarding the Export Promotion Mission and Bharat Trade Net, a digital platform designed to streamline trade documentation and financing solutions.

The Budget proposed a National Framework for Global Capability Centres (GCC) to bolster services-led growth in emerging tier 2 cities, along with Trade Facilitation Measures.

Discussing the country's export performance, the finance minister noted that total goods and services exports reached a record USD 825 billion in FY25, marking a 6 percent increase from the previous year. This represents a substantial rise from USD 466 billion in 2013-14.

While global exports saw only a 4 percent increase, Indian exporters achieved a growth rate of 6.3 percent despite facing global trade uncertainties.

Acknowledging the challenges faced by exporters, she assured them of full support and encouraged a focus on innovation and exploring new markets.

Citing the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025, she mentioned that India's standing has improved, even as global FDI flows declined by 11 percent.

From 2014 to 2024, FDI inflows of nearly USD 668 billion accounted for approximately 67 percent of the total FDI reported over the last 24 years, which totaled USD 991 billion.

Sitharaman noted that India has strengthened its role in global value chains, with Apple India's iPhone contract manufacturers surpassing the 20 percent domestic value addition (DVA) threshold across various models.

At the event, Financial Services Secretary M Nagaraju remarked that India's growth outlook remains positive despite the global economy facing geopolitical uncertainties and significant challenges.

"Even with these global headwinds, India remains a beacon of hope," he stated.

Nagaraju added that the commerce ministry is diligently working to integrate India's exports into the global value chain, which are performing well despite the obstacles.

He highlighted the resilience of exports from the pharmaceuticals and gems and jewellery sectors, affirming the finance ministry's commitment to providing support through policies, schemes, and financial assistance.

"Our financial systems are robust, characterized by adequate capital and low non-performing assets," he noted, emphasizing the strong backing for India's financial requirements.