Union Commerce and Industry Minister Piyush Goyal on Wednesday urged Indian industry to fully utilise free trade agreements (FTAs) with developed nations by focusing on quality, saying these pacts have opened up large global markets at concessional tariffs
Speaking at the National CSR Announcement for FY27 and a scholarship distribution event organised by the Malabar Charitable Trust, Goyal said India has signed nine FTAs with 38 developed countries in recent years. “These agreements provide preferential market access to nearly two-thirds of global trade,” he said, adding that Indian businesses must leverage this advantage to expand exports.
According to Goyal, reduced or zero-duty access under these agreements gives Indian exporters a competitive edge. “Sectors including MSMEs, farmers, fishermen and artisans stand to benefit significantly from this expanded market access, provided there is a continued emphasis on high-quality production and services,” the minister said.