Trade deals with US, UK and EU to accelerate Viksit Bharat mission: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has urged exporters and industry bodies to fully leverage India’s recently concluded Free Trade Agreements (FTAs) with developed economies to expand global market presence, boost exports and generate employment.

Addressing a meeting with 35 Export Promotion Councils (EPCs) and key industry associations in New Delhi, Goyal said the government has signed trade agreements with developed nations to provide preferential market access to Indian farmers, workers, professionals, artisans and MSMEs. He emphasized that sectors such as traditional medicine and yoga will also benefit from expanded global opportunities, while India’s agriculture and dairy interests remain safeguarded.

“Industry must now intensify efforts to penetrate new markets, upgrade quality and enhance competitiveness to maximise the benefits of these trade agreements. India has had a strong global trade footprint since ancient times. These agreements will accelerate our Viksit Bharat mission and carry forward Prime Minister Narendra Modi’s mantra of ‘Vikas bhi, Virasat bhi’,” the minister said.

Industry representatives expressed appreciation for the government’s decisive leadership in concluding trade engagements with the United Kingdom, the European Union and the United States. They particularly welcomed the elimination of the additional 25 per cent tariff on Indian imports to the United States, following a US Executive Order dated February 6, 2026. The move is expected to restore competitive market access and stability for Indian exporters, especially as the US remains one of India’s largest export destinations.

Export bodies from sectors previously impacted by US tariff measures — including gems and jewellery, textiles and apparel, carpets, leather and footwear, marine products, handicrafts, engineering goods and chemicals — said the rollback has renewed business confidence and protected employment in labour-intensive industries.

Officials presented details of the recent trade engagement with the United States, highlighting market access opportunities, compliance frameworks and export expansion pathways. Industry representatives welcomed the clarity and reaffirmed their commitment to scaling exports in priority sectors.

Discussions further reviewed progress under the Export Promotion Mission (EPM), the government’s flagship initiative to strengthen the export ecosystem. Industry welcomed measures such as enhanced access to trade finance through interest subvention support, collateral guarantee for export credit to MSMEs and targeted market access support. Additional steps related to trade finance, logistics, compliance, branding and market diversification are expected to be rolled out in phases.

Goyal reaffirmed the government’s commitment to accelerating export growth, deepening global integration and positioning India as a trusted global supply partner through its new trade agreements.