Piyush Goyal Urges Toy Manufacturers to Leverage FTAs and Build Global Indian Brands

Commerce Minister Piyush Goyal has said that an Indian delegation will travel to Canada next week for the next round of negotiations on the proposed bilateral Free Trade Agreement (FTA), which both countries aim to conclude within the next six months.

He also stated that negotiations on the proposed India-Peru FTA have encountered challenges related to market access in certain sectors and are unlikely to conclude in the near future.

Addressing participants at the 17th Toy Biz International B2B Exhibition, 2026, in New Delhi, Goyal encouraged Indian toy manufacturers to make greater use of India's FTAs to access developed markets and build globally recognised Indian brands. He noted that duty-free access across Europe and the India-UK Free Trade Agreement, scheduled to become operational on July 15, provides significant opportunities for exporters.

“The Canada FTA is progressing well... our team is going on Monday for the next round of negotiations. We are trying to conclude it in the next six months or so,” he said.

India and Canada are targeting bilateral trade of $50 billion by 2030, up from approximately $7.95 billion in 2025-26. India's exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals, while key imports include pulses, pearls and semi-precious stones, coal, fertilizer, paper and petroleum.

On the proposed India-Peru FTA, the Minister said negotiations remain affected by unresolved market access issues.

“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 India imports gold, copper ores and concentrates from Peru.

Goyal said India is also expecting that an FTA with Peru will result in mining contracts for various minerals and other resources.

Addressing toy manufacturers, he said the nine FTAs finalised by India with developed countries provide access to developed and high-income markets where high-quality products command greater value.

Highlighting growth opportunities for the sector, Goyal pointed out that while the global toy industry is estimated at $120 billion, India's share accounts 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.

The Minister also said that the industry should work towards increasing its exports ten-fold in the coming years. Toy exports stood at $340 million in 2024.