Commerce Minister Piyush Goyal said India’s FTA talks with Canada, Brazil, Mexico and the GCC should see major progress by year-end
Addressing toy manufacturers, he set a 5% global toy market share goal, and called for a tenfold export rise
He promised modern testing facilities and policy support to enhance competitiveness and curb unfair imports
India's FTAs With Canada, Brazil, Mexico Likely By End Of 2026: Piyush Goyal
Goyal encouraged toy makers to send business delegations to the 38 countries covered under already signed FTAs to explore new commercial opportunities
Commerce and Industry Minister Piyush Goyal
Summary
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India expects negotiations on free trade agreements (FTAs) with Canada, Brazil, Mexico and the Gulf Cooperation Council (GCC) to make significant progress by the end of the year, Commerce and Industry Minister Piyush Goyal said on Saturday.
India has already concluded nine FTAs, providing Indian manufacturers access to several developed and high-income markets, Goyal said while addressing the 17th Toy Biz International B2B Exhibition in New Delhi.
He also urged the toy manufacturers to target a 5% share of the global toy market over the next six years, as per news agency PTI.
He encouraged toy makers to send business delegations to the 38 countries covered under these agreements to explore new commercial opportunities.
"The 5% target is not difficult, we can achieve that. We have to work together for that," Goyal said.
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Focus on Quality, Exports and Manufacturing
The global toy industry is estimated to be worth around $120 billion, while India's share remains only about 0.3%. India's domestic toy market is valued at nearly ₹18,000 crore, with imported toys accounting for approximately ₹2,500-3,000 crore, as per PTI.
The minister also called on the industry to increase exports tenfold from the current level of around $340 million recorded in 2024. He said maintaining high manufacturing standards, adopting advanced production techniques and embracing sustainable manufacturing practices would strengthen India's competitiveness in international markets.
Goyal assured manufacturers that the government would establish modern testing facilities across toy manufacturing clusters through the Bureau of Indian Standards (BIS), the National Test House and other government and semi-government laboratories.
He further stressed the need to build domestic capabilities in manufacturing motors, electronics, dies and moulds used in toy production, saying greater self-reliance and economies of scale would help reduce costs.
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On Quality Control Orders (QCOs), Goyal reiterated the government's commitment to protecting domestic manufacturers from unfair imports and dumping. He advised companies facing such issues to approach the Directorate General of Trade Remedies (DGTR), DPIIT and other relevant authorities for support, as per PTI.