New Delhi [India] May 29 (ANI): Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the talks for a bilateral trade agreement (BTA) with the United States are on track, and progress is also being made for an FTA with the European Union.

'We are well on track in our bilateral trade agreement with the United States of America, making fast progress with the European Union,' the Union Minister Piyush Goyal said, speaking at the Confederation of Indian Industry's (CII) Annual Business Summit here.

He cited progress on various Free Trade Agreements (FTAs), including those with the UAE, Australia, the UK, the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). The minister said that India has also launched negotiations with New Zealand

He said EFTA countries have committed 100 billion dollar FDI to India in the next 15 years.

Goyal said India is respected and recognised 'for our work around the world'.

'We are preparing India for Viksit Bharat by 2047 - a developed, prosperous nation where speed, skill and scale will define our growth journey,' he said.

'Growth through trade, growth through resilient supply chains, growth through innovation, all of it will be incomplete until we promote inclusive growth that encompasses one and all,' he added.

The minister said India continues to power global growth through its own growth.

'It is a moment of pride for us that we are well on track as the IMF has projected that by 2027, India will be the world's 3rd largest GDP. It is also very appropriate that despite all the turbulence, all the volatility, uncertainty & complexities that the world is going through, we continue to be the fastest growing economy of the world. We continue to power global growth through growth in India,' he said.

'We continue to be the fastest-growing economy in the world, and we continue to power global growth. For the next 30 years, India will continue to be the fastest-growing, largest economy,' the minister added

India and the US had earlier said that they aim to finalise the first tranche of BTA by the fall of the current year.

There is expectation that India and the United States could sign the first tranche of the much-anticipated Bilateral Trade Agreement (BTA) before July. (ANI)