Union Minister of Commerce & Industry Piyush Goyal addresses during the 17th Toy Biz International B2B Expo 2026, at Bharat Mandapam, in New Delhi
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India’s team will be in Canada next week for the following round of negotiations for the bilateral free trade agreement (FTA) which both sides are hoping to conclude in the next six months, Commerce & Industry Minister Piyush Goyal said.Negotiations for the proposed India-Peru FTA, however, have hit a snag over market access concerns in certain sectors and are unlikely to conclude anytime soon, he added.Speaking at the 17th Toy Biz International B2B Exhibition, 2026, in New Delhi, Goyal urged toy manufacturers to leverage India’s FTAs to tap developed markets and build globally recognised Indian toy brands.He said duty-free access across Europe and the India-UK Free Trade Agreement, which is set to become operational on July 15, too, present significant opportunities for exporters.“The Canada FTA is progressing well ..our team is going on Monday for next round of negotiations. We are trying that we should conclude it in the next six months or so,” he said.India and Canada have fixed a target to increase bilateral trade to $50 billion by 2030 from about $7.95 billion in 2025-26. India exports a variety of items to Canada such as pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, among others. Key imports include pulses, pearls and semi-precious stones, coal, fertilizer, paper and petroleum.On the proposed India-Peru FTA, the Minister said there were problem areas, but he did not elaborate on them. “There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon,” he told reporters.Key Indian exports to Peru include motor vehicles, cotton yarn and pharmaceuticals, while items imported by India include gold, copper ores and concentrates.India was also hoping that the FTA with Peru will result in mining contracts for various minerals and other resources.Addressing toy manufacturers, Goyal said the nine FTAs finalised by India with developed countries would provide access to developed and high-income markets where high-quality products can command greater value.Noting the potential for growth, Goyal pointed out that while the global toy industry is estimated at $120 billion, India’s share accounted for just 0.3 per cent. “The 5 per cent (of world market share) target is not difficult, we can achieve that. We have to work together for that,” he said, adding that India’s free trade agreements with the UK and the European Union will open a huge export market for the sector.The Minister also said that the industry must work to increase its exports tenfold in the coming years. It was $340 million in 2024. He assured the industry that the Quality Control Orders to ensure high quality toys in the domestic market would stay.Published on July 4, 2026
